Kashmir’s ‘ailing economy’ concerning: NC

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Ziraat Times
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Srinagar, 28 October: The Jammu and Kashmir National Conference on Thursday stated that every sector of J&K economy has suffered losses in the last two years saying the incumbent JK Admin has been unsuccessful in kick-starting the sagging economy.

There is no sector of Kashmir’s economy, be it tourism, horticulture, transport, or trade that hasn’t suffered losses in the past two years, said Sagar while addressing scores of delegations of party workers from North and South Kashmir. “Our local economy was already on death bed, the subsequent clamp down and lock downs post 2019 , have further abated any return of the local economy to the Pre August 2019 position, let alone putting it on the path of growth,” he said.

The economic crisis in Kashmir, Sagar said began with the floods in 2014, followed by the demonetization and then successive lockdowns. “Local economy has suffered from the double whammy of natural catastrophes and man-made disasters as well. The crippling impact of 2014 deluge, GST implementation, price rise, Covid-19 induced curbs and  resultant instability and chaos has made it difficult for the businesses to spring back,” he added.

He further said the unemployment rate in Kashmir, a month before the August clampdown, was about 14.74 percent but drastically rose in the next six months to 21.08 percent, according to the CMIE. From an estimated 35,63,557 employed in the region, today there are about 29,94,081. At present, the unemployment rate in J&K stands at 21.6 percent, which is the highest in the country,” he said.

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