KCCI is waiting for the central economic package as there has been no business in Jammu and Kashmir in the past ten months. First it was the clampdown of the central government post August 5, last year and finally in the past three months it has been Covid-19 lockdown. These disruptive months have broken the back of Kashmir economy and most of the people connected with trade need government intervention to remain afloat.
According to a statement issued to the media by the National Conference regarding the economic situation, “J&K economy suffered a whooping Rs 270 crore per day due to the COVID-19 induced lock down and the previous year’s clampdown following August 5th measures undertaken by GOI. Massive losses due to the clampdown, communications curbs since August last year have been incurred by local traders, businessmen including transporters.
Due to the continuous losses in Kashmir, borrowers of financial institutions have lost their capacity to keep their businesses afloat and pay wages to their employees. Substantial numbers of accounts have also become bankrupt, and scores are unfortunately contemplating closing their businesses. The situation of people associated with tourism, and agriculture is no different. Horticulture and arts and crafts that contribute the most to Kashmir’s export oriented economy has also faced the major brunt of the situation that has prevailed in Kashmir since August last year,” the statement said.
But it is the UT administration which has to submit a detailed proposal for the comprehensive financial package in Jammu and Kashmir to bring out thousands of families from the present debt trap and the survival would be possible for them only with cash help from the government.