Srinagar: More than 30 trade bodies in Kashmir on Wednesday asked the Government of India to release a fiscal package to help revive business, which has been under distress for over ten months now, in Jammu and Kashmir.
In a joint presser, the trade bodies said that their businesses have been suffering immensely since August 5 last year, but the GoI has not provided any help.
“We held meetings with the Union Home Minister and the Union Finance minister and the MoS PMO, seeking measures for revival of trade,” said Sheikh Ashiq, a trade leader who spoke at the presser. “But nothing has come out of it yet. The traders of Kashmir have not even been included in the Rs 20,000 lakh crore financial package of the GoI. It is only meant for the traders whose businesses remained shut during the Covid-19 lockdown.”
The trade bodies which participated in the press conference included Kashmir Chamber of Commerce & Industry (KCC&I), Kashmir Traders & Manufacturing Federation (KTMF), Kashmir Economic Alliance (KEA), Federation of Chambers of Industries Kashmir (FCIK), PHD Chamber of Commerce (Kashmir Chapter), Kashmir Hotel & Restaurant Owners Federation (KHAROF), Jammu & Kashmir Hotelier Club (JKHC), Jammu & Kashmir Association of Hajj & Umrah Companies (JKAHUC) and others.
Ashiq said that the trade bodies felt “ignored” after GoI conceded the demands of Indian businessmen who suffered losses due to the two months of Covid-19 during lockdown, but nothing was given to Kashmiri businessmen who have been crippled by a lockdown for the last ten months.
“We demand measures from the centre for revival of businesses belonging to various sectors. This is the only aim for holding a joint presser today. We wish to raise our voice in support of the business sectors that are bleeding losses,” Ashiq said.
The Kashmir economy has suffered over Rs 25,000 crore losses since August last year, about Rs 7,000 crore just in the last two months, a trade body had said last month. Ashiq said that the Covid lockdown has deteriorated business conditions further and the economy cannot come out of the mess on its own.
“Such is the grim situation,” Ashiq said, “that tourism sector is completely off the rails and it seems this situation will remain for the entire year. Horticulture has suffered immensely during the lockdown due to closed markets and lack of demand for the produce. Exports of handicraft sector are down by 50-60 percent for the last several years. The transport sector is badly hit, too.”
Ashiq said that many challenges lie ahead even after the government will lift the restrictions.
“While the government has announced relaxing of restrictions, the business fraternity here is facing yet another challenge, which is the lack of cash flow. There is no circulation of money in the market and that is primarily due to the prolonged shutdown here since August 5,” he said.
“Nobody knows how people are feeding their families as they have not earned a single penny post the August 5 decision. All traders, including shopkeepers, are worried about their future,” Ashiq said.
Vice Chairman of Kashmir Economic Alliance (KEA), Iqbal Ahmad, said that despite suffering 3,000 no-work days due to shutdowns in the last two decades, no Kashmiri businessman has defaulted on loans or run away like Vijay Mallya and Nirav Modi.

Junaid Nabi Bazaz