Afaq Bhat
Srinagar, Oct 1: Kashmir has witnessed massive slowdown in the economy during the past more than a year this has led to job cuts in the private sector and winding up of many “big ticket” showrooms in the Valley.
An analyst while talking to Precious Kashmir said, “Businessmen in the Valley are facing a tough time. They are running short of ideas as the outbreak of COVID-19 has broken their backs.”
He said, “Businesses in Kashmir were hit much before the pandemic broke out. In August last year the government had imposed strict restrictions soon after J&K’s special status was revoked. The restrictions were followed by a long shutdown and a chilly winter. The breaking out of COVID-19 in March this year proved to be the last nail in Kashmir’s ailing economy.”
A businessman said that during the past one year many “big ticket” showrooms and brands have winded up their operations in Kashmir. “The internet blockade, which remained in force from August 2019 to January 2020 led to online transactions coming to a grinding halt. It spelled doom for the businessmen in the Valley.”
He said, “Many factors led to the business houses getting crippled in Kashmir. Despite COVID-19 lockdown being lifted traders and industrialists are suffering. There is no possibility about businesses getting revived until the COVID-19 vaccine comes and the virus is taken care of. Till then we will have to wait.”
The businessman said, “During the past one year tourism sector has been worst hit. The tourism industry used to provide direct and indirect employment to thousands of youth. In absence of visitors this sector is in complete shambles.”
He said, “The people associated with the tourism have time and again tried to tell the government that they need help even to manage two square meals in a day. They are still waiting for the special package which government has announced for them.”
A businessman, who owns showroom of a top brand of readymade garments, said, “As the business declined the company stopped sending fresh stocks and on one fine day I was informed that the management has decided to wind up the operations in Kashmir. The staff that was working in my showroom had to quit as company stopped paying their salaries. There are many businessmen like me, who had brought big brands to Kashmir as on date they stand nowhere as the companies have backed out.”
He said, “The businessmen have no idea about what’s in store for them. We can just hope that things become better and we are able to revive our businesses. Winter is coming near and the COVID-19 vaccine is nowhere in sight. We have kept our fingers crossed and are hoping for things to become better when the next season commences in Kashmir.”
Economic slowdown leads to jobs cuts, winding up of ‘big ticket’ showrooms in Kashmir
