Imagine If Output is declining and GDP of Kashmir is Declining ,what would the streets look like? That is what Kashmir is going through. Recently loss assessment report of Kashmir Chamber of Commerce and Industries (KCCI) was given in which Kashmir’s economy has suffered a whopping Rs 40,000 crore losses mainly due to extension of lockdowns which Kashmir facing since August 2019 when the central government in parliament revoked the special status of Jammu and Kashmir, taking away its exclusive domicile provisions .more than one lakh youth have lost job losses during a period of eleven months since August 2019.”.Rs 40,000 crore is not a joke ,it is severe economic disaster for our economy as we have been struggling and surviving only like tom and jerry cartoon show .Job Losses in in the sectors of handicraft, tourism and information technology have create cracks in the face and minds of people’s life.Borrowers of financial institutions have lost their capacity to fulfil their commitments and a substantial number of accounts are likely to turn bankrupt, many business establishments have closed down or are contemplating closure.
The J&K government’s 2018-19 estimates put nominal gross state domestic product (GSDP) at Rs 158,688 crore. That means the Kashmir Chamber of Commerce and Industry (KCCI)’s loss estimate is about 11 per cent of J&K’s economic output. However, KCCI’s estimate pertains only to Kashmir Valley. Even if we assume that Kashmir accounts for 50 percent of J&K’s economy (it is likely more), that means the Kashmir economy has suffered losses of over 40 per cent of its annual output.
Beyond Kashmir hamarahai and we are proud of kashmiri
What do you think is the impact of such a massive decline in economic activity?
Many Small Scale Industries have wind up their business or choose another line of surviving art. Middle class people have cut household expenses by 70 per cent. Whether you are a business owner or a labourer, everyone is suffering. Only permanent government employees drawing salaries are okay in every situation of life. People aren’t sure how long this can go on and does not expect much from a government that he feels is uncaring and missing in action. For any economy, that is a catastrophic loss. Of course, this is not the first such loss reported in Kashmir.
Transport and Tourism Sector has been badly affected since Abrogation of Article-370.Transport related people have changed their livelihood and forced to other jobs for survival of families. Same is the situation with the tourism sector, though the government has announced reopening of tourism sector from July 14, the stakeholders say in view of pandemic COVID they don’t see any light at the end of the tunnel.
Covid-19 crisis and August-2019 came as both back to back unprecedented attack which gets like cyber attack on IT companies with dangerous consequences.Covid-19 pandemic has changed the scenario of life living human species till only world and animals are not so much affected by this. People are living unpredictable life now in Kashmir and nobody knows what will happen to him next few hours.Due to exigency of Covid-19 we are where to end and even their is no time range of vaccine invention nearby so yet,so people are worried about their life and livelihood now. Local Government is far from systematic approach to bring planning and lifestyle working of people. yes, there is need of both to and fro coordination from public to government and vice versa to tackle and reduce the spread of pandemic disease to whole population.Government should come out with financial policy for every sector of life and along with financial institutions to come forward in order mitigate sufferings of the business community.
Kashmir should be looked in every possible way by which financial investors which are growing should collaborate with government to heal the bleeding economic conditions of people.Economic Policy should be devised by government with financial investors, financial institutions so that our economic condition is recharged back again and come on track without going in slum.
Save our People, Save our Future and Save our Kashmir.
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