Investment dries up, sales plummet, say biz community

With deteriorating situation due to civilian killings and followed after protests in Kashmir, the business community here are a distressed lot, as the new investments have dried up, while sales and business transactions are witnessing downward trends.
As more than 10 civilians were killed in forces action during this month leading to subsequent protests virtually leading to closure of commercial activities, the business community are apprehensive about the future business prospects, terming the situation as “gloomy”.
At the same time people are now shying away from investing in the Valley, as business people are preferring to invest outside the state rather than in troubled Kashmir.
A senior official of Industries and Commerce Department wishing anonymity said, “Since last year very few prospective entrepreneurs have turned up for seeking permission for registration of new units in Kashmir.”
“There is virtual decline in the registration of new investments in Kashmir, which is a cause of concern,” he said adding that “since unrest and deteriorating law and order problems are adding to the slump in investments.”
While the new investments have dried, the business and trading community are distressed due to lesser business opportunities and uncertainty, terming the prevailing situation as ploy “to inflict financial miseries on people of Kashmir.”
“It is worst time for people of Kashmir. People are being killed even during doing routine work. This is nothing, but an agenda of the RSS backed government to marginalize people of Kashmir,” said chairman, Kashmir Economic Alliance, Muhammad Yaseen Khan.
Khan who also heads his faction of Kashmir Traders and Manufacturers Federation said the businesses in the Valley are yet to recuperate from the losses incurred by them during last year due to the unrest.
President, Kashmir Chamber of Commerce and Industry, Mushtaq Ahmad Wani said that prevailing situation is worst phase for the people particularly business community of the Valley.
“Losses on one side, there is uncertainty and apprehensions among the business community. It is the responsibility of the government to provide conducive atmosphere for the businesses to operate,” Wani said, adding, “government should put an end to innocent killings as it takes us back by decades.”
President, Kashmir Traders and Manufacturers Federation, Bashir Ahmad Rather said business community is under lot of distress due to prevailing situation.
“It is unfortunate that government forces are killing innocents with,” he said.