Trade bodies term 2016 worst year for business

It was a double whammy for the traders and industrialists in Jammu and Kashmir this year. They were first hit badly by the unrest and then by the demonetisation.
This year has been rated as one of the worst years for the traders and industrialists of the state as the business has come down by more than 50 per cent.
The decline in trade is likely to create long-term effects on the economy of the militancy-infested state, say experts.
“Though the global business was down throughout the year, Jammu and Kashmir suffered more in 2016 as far as the trade is concerned,” said Rakesh Gupta, president, Chamber of Commerce and Industries (CCI), Jammu.
“The four months of the Kashmir unrest had already put the traders in debt, but the demonetisation wiped out all their hopes for a better business at the year-end,” he added.
The CCI president believes that the introduction of goods and sales tax will also slow down the business for another 4-5 months as it will take the business community some more time to understand the new taxation system.
The Federation of Industries (FOI), Jammu and Kashmir, also termed it the worst year for the industrialists and the traders of the state.
“The unrest in Kashmir and demonetisation have affected the business and production in Jammu and Kashmir. The business has come down by more than 50 per cent,” said Anil Suri, chairman, FOI.
“We have been facing loses due to the agitations and unrests in Jammu and Kashmir for more than two decades, but it had never crossed 50 per cent, not even during the Amarnath land row in 2008. This time, demonetisation has doubled the negative effect on business. It will give benefit in future, but this year was the worst year for the business community,” he added.
From industrialists to small shopkeepers, everyone has been affected by the unrest and demonetisation.
The retail outlet sale has also gone down by 50 per cent as people seem to be focusing on necessities only.

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