Home » HOME » Kashmir: Businesses lost more than Rs 10,000 crore

Kashmir: Businesses lost more than Rs 10,000 crore

“Ease of Doing Business Ranking” J&K figures at 21st position among
Sharing is Important

Wahid Bhat |Ground Report

Businesses have lost more than Rs 10,000 crore due to restrictions, economy is crippled, says trade body Kashmir Chamber of Commerce and Industry President Sheikh Ashiq said the main reason for the downturn was the suspension of internet services.

“The running business losses for Kashmir region have crossed Rs 10,000 crore and all sectors have been severely hit,” said Kashmir Chamber of Commerce and Industry.

 “When they can implement these orders, only then would they be served. There is no connectivity, so there were no orders resulting in loss of jobs to over 50,000 artisans and weavers.” Ashiq said the administration should take responsibility for the losses and take measures to alleviate the traders’ problems. Traders would also face technical problems with the Goods and Service Tax, and online returns, the official added.

READ:  UNESCO creative tag for Srinagar, How important it is?

Ashiq said development projects worth nearly Rs 2,000 crore were on hold because the Valley’s workforce had migrated. He added that workers would now have to be given assurances, like tourists, in order to get them back to Kashmir.

Traders in Kashmir were not averse to the idea of outside investments in the Valley, Ashiq said. “We are not against investments, but we have not been taken on board on anything about some people wanting to invest here,” he added.