Srinagar, Dec 17, CNS: Kashmir Chamber of Commerce & industry (Inc) Thursday said that from the feedback received from various sectors of business in Kashmir. KCCI feels concerned about the situation arising out of down fall of business in tourism, Handicrafts and general trade in Kashmir.
It said that the low turnover and resultant liquidity position in the market has left the stakeholders high and dry apprehending total collapse of economic activity in the valley. “While the influx of tourists into Kashmir is negligible affecting all from hotelier down to Transport/Taxi/ Shikara Walla, the off take of handicraft product is miserable leading to lying off the artisans.”
Pertinent to mention here is that the handicraft export has witnessed sharp decline over the past two years as it fell down from Rs. 1695.165 Crores in 2013-2014 to Rs 1287.04 Crores in 2014-15 and is on further decline showing through second quarter of the current year viz 2015-16 ending September 2015 recorded to have been Rs. 160.92 crores as against Rs. 201.20 Corers for the corresponding period of the year 2014-15.
General Secretary KCCI, Faiz Ahmad Bakshi told CNS that the steep fall in the exports has cascading effect on the State economy with multiple hazards for the social and political life of the people of the state. “There are huge bank advances nearly 16000 crores at the back of the stakeholders in various sectors of our business which is now under the threat of serious decline and it is no guess that given the situation all the stakeholders accounts shall become NPA in due course of time which will have tough impact on the banks – more particularly the J&K Bank operating in the State. On the top of it the miseries faced by the business community are added to with perpetual harassment from various departments.”
“The Kashmir Chamber of Commerce & Industry would therefore impress upon the State/Central Government to take such effective measures that will help the business regain its lost position before the situation goes out of hand without causing any type of harassment to the stakeholders on the meantime,” he said.