Kashmir region’s apex business chamber – Kashmir Chamber of Commerce & Industry (KCCI) – recently presented a compelling list of issues hindering the business community in J&K to the Lt. Governor Manoj Sinha. These concerns, spanning tourism, industry, education, banking, and even power consumption, deserve serious consideration for several reasons.
The tourism sector in J&K is a vital contributor to its economy, generating significant livelihoods and employment. Streamlining the renewal process for licenses, implementing a Single Window system, and reducing bureaucratic hurdles are crucial to attract and retain tourists. The deteriorating hospitality infrastructure in popular destinations like Gulmarg and Pahalgam will only deter tourists, who, like any other tourist destination, seek modern amenities and facilities. Upgrading these facilities is essential for maintaining J&K’s competitiveness in the global tourism market. Efficient implementation of industrial policies is another imperative that will create a conducive environment for businesses to invest, expand, and generate jobs. Addressing the specific industry concerns raised by KCCI in its memorandum will foster a sense of trust in a sector where business sentiment is not very upbeat.
Introducing an uncapped and longer-term OTS scheme by J&K Bank holds immense potential. It would allow borrowers to clear their debts and revitalize their businesses, while improving the bank’s financial health. This win-win situation could stimulate economic activity in J&K and send positive signals to the entire business community. Granting power amnesty to commercial consumers, akin to the domestic consumers, would alleviate financial burdens and promote business continuity. This measure would directly benefit businesses and contribute to overall economic growth.
The proposed tagging of private schools with government schools, while well-intentioned, needs careful consideration. Disrupting 2300 employees and potentially inconveniencing thousands of students requires a more nuanced approach. A time-bound extension with government support on lease and compliances could provide a smoother transition.
Addressing these concerns with sensitivity, pragmatism, and a focus on long-term sustainability is crucial to fully unlock J&K’s economic potential. Ignoring these challenges would not only risk jeopardizing the livelihoods of countless individuals but also impede the overall economic recovery and development of Jammu & Kashmir. Lt. Governor Manoj Sinha-led administration has the opportunity to create an environment where businesses can thrive, more jobs can be created, and Jammu & Kashmir can finally tap into its full economic potential.
