Srinagar: As the Covid19 pandemic ravages the Kashmir region with increasing fatalities and lockdowns; business, jobs and livelihoods are the biggest casualty.
Even as there are no credible data and surveys available to help determine the exact impact on the economy from the ongoing pandemic and the structural changes effected by the post-August 2019 circumstances, there is a general consensus among Kashmir’s business community that some of the economic damages, like bankruptcies, job losses, asset sales, etc. are irreparable.
According to a qualitative assessment exercise conducted by Ziraat Times about the manner industries and businesses have been impacted in J&K, about 58% businesses across manufacturing and services sectors, including the tourism sector, are unlikely to recover from the losses incurred in the last two years. Their burgeoning bank debts have become unmanageable given that repayments are sluggish due to low or no income.
“The entire business eco-system has changed in the aftermath of August 5, 2019. Not many people have fathomed the social and human impact of the upcoming business bankruptcies. This situation requires an approach that would seek to redefine the business ethic in Kashmir, minimize the damage and even explore business mergers and acquisitions through collaborations and cooperation”, said another senior citizen who has been a Kashmir Chamber of Commerce and Industry (KCCI) veteran.
One of the starting points where collaboration and cooperation could prevail over zero-sum tussles and partisan agendas, many seniors believe, is the institution of the Kashmir Chamber of Commerce and Industry (KCCI). “It is an institution that has historically provided leadership and hope in some of the most distressing times”, they maintain.
Several member constituencies of KCCI believe that the new Executive Body and the leadership that would emerge from the upcoming elections to the body will have to pursue an extraordinarily unifying and effective agenda, crafted to meet the new needs of Kashmir’s business communities today.
Some seniors believe that the extraordinary meet of key business leaders of Kashmir held in 2020 was an effective step towards defining a result-based and converging agenda.
The business meet, facilitated by Ziraat Times, and hosted by the Chaya Business Group, and attended by Sheikh Ashiq (President KCCI), Mohammad Ashraf Mir (FCIK President), Muhammad Yasin Khan (President KTMF), Mushtaq Chaya (Head of Chaya Group of Businesses), Baldev Singh Raina (MD Peaks Auto Ltd), Arjimand Hussain Talib (Founder CEO of Ziraat Times), Iqbal Tramboo (Prominent businessman and Senior functionaries of Kashmir Economic Alliance), among others, is believed to have set a positive tone for collaboration and cooperation.
Former Director Industries, Saleem Beg and former Commissioner Srinagar Municipal Corporation, Dr G N Qasba, were invited as special observers at the meet.
“The consensus of collaboration and cooperation at the meet needs follow up. A greater level of collaboration and cooperation is likely to dissipate if KCCI as an institution will show the leadership”, said a senior businessman.
Some of the key business leaders believe the last two years of disruption provided little breathing and strategizing space to business leaders to contemplate a major economic revival.
Mushtaq Ahmed Chaya, head of the Chaya Group of businesses, who was one of the hosts for the 2020 meet of Kashmir’s business leaders said that everyone wants a strong chamber that caters to business community’s needs and requirements. “There are a lot of pending issues that need to be taken up with the government for resolution and facilitation”, he added.
While conceding that it was difficult to get a financial package from government of J&K for the suffering businesses, Sheikh Ashiq, Acting President Kashmir Chamber of Commerce and Industry (KCCI) said that the rehabilitation of sick businesses and sick industrial units in Kashmir was quite important.
“KCCI caters to all key constituents of Kashmir’s economy – be it trading, shopkeepers, tourism, horticulture/agriculture, and there are a lot of expectations from this chamber”, Rauf Punjabi, a prominent businessman and member of KCCI said, adding that the chamber is expected to address problems vis-à-vis exports of handicrafts which has been economic backbone for large sections of Kashmir’s population.
“Moreover, in view of the ongoing pandemic it is expected to do effective advocacy for ensuring that the state is providing crucial healthcare services to the people”, he added.
A section of former KCCI seniors are of the view that there are huge expectations from KCCI and, therefore, its agenda for action is supposed to be futuristic, realistic and underpinned by strong evidence-based advocacy.
“We need a clear advocacy strategy, which needs to be backed by a budget too. The problem is that when activities are not guided by a strategy, action plans and evidence-based advocacy, the results are generally not effective. It is a global matter of fact”, says a KCCI member, with global expertise in organizational development and management.
“One of the action agendas should be drafting a clear strategic agenda, an action plan and creation of an overarching advocacy committee and advocacy sub-committees, on the pattern of some fifteen sub-committees that KCCI has now”, he added.
“What is needed is a leadership that is able to take everyone on board, work in an inclusive and democratic manner and clearly identify and prioritize issues to advocate. What is also required is research-proposed solutions to problems and issues confronting Kashmir’s business community. Any advocacy not backed by evidence and research is seldom taken seriously”, he added.
In order to promote a healthy democratic culture, a culture of listening, accountability and result evaluation, several members also emphasize on having an evaluation framework part of a strategic plan.
“If there are not quantifiable objectives enshrined in the strategy and action plans for a chamber, what do we evaluate at the end of the year? It is this approach that makes democratic and inclusive business societies thrive, and that is what Kashmir’s business communities, faced with multitude of challenges, need today. It is very much doable, despite challenges. And failing is no option”, he added.
(Rafya Zargar, Tabinda Khan and Priya from the business team contributed to this story)
