Pvt sector takes hit during unrest, 11 lakh affected

Private companies in the Valley, which are lying shut since the unrest started in July 8 following the killing of militant commander Burhan Wani, have not paid salary to their employees, creating a distressing situation for them.
“We were paid salary for the days we reported for work but are now sitting at home without any source of income. This is a distressing situation for us,” said Nazim Ahmad, a private sector employee.
Chairman of the Kashmir Economic Alliance Yasin Khan said around 11 lakh people engaged in the private sector in Kashmir had been affected by the current unrest.
“On an average, there is a loss of Rs 135 crore everyday in Kashmir since the unrest started but we still say that the loss of life of our dear ones is more important than the business losses,” Khan said.
With no end in sight to the current unrest, many companies have temporarily moved their offices outside the Valley. However, many offices are lying shut, waiting for the violence to end.
The business of many young entrepreneurs, who had set up their units in the last few years, has also been badly hit.
Shahid Ahmad, who runs a private travel agency, said they had temporarily moved to Jammu and were catering to customers who planned to visit places like Ladakh.
“We have almost lost 90 per cent of our business but now we have temporarily shifted to Jammu and are catering to a lesser number of customers,” Shahid said.
Youth have been left without work for the past more than 10 weeks in the Valley which has been facing the problem of unemployment.
“The companies want us to show performance and results but we are not able to do anything,” said Shaista, who worked with a private insurance company.
Successive governments have failed to address the problem of unemployment in the state.
Official records show that 2.22 lakh unemployed youth have registered themselves with employment exchanges across J&K. The current setback to the private sector has added to the figures.
The private sector in Kashmir is largely limited to sales sector, mostly involving banking, insurance, telecom, and pharmaceutical companies.
Courier companies, which had emerged as one of the new sectors of employment in Kashmir in recent years due to the technology boom and online shopping, are also facing a tough time, leaving 8,000 youth jobless.
“We have faced the worst setback. Due to the blockade of Internet, our business is totally shut. Our market has finished. Many websites which were selling their products in Kashmir have stopped their services for the Valley due to the situation,” said Zahoor Qari, president of the Courier Association, Kashmir.
The state has the highest unemployment rate in north India and the eighth highest unemployment rate in the country, according to a survey by the Labour Bureau under the Union Ministry of Labour and Employment.