In the wake of ongoing unrest in Kashmir, the local cement industry here has suffered an estimated Rs 300 crore loss, while the outside cement manufacturers are reaping dividends in the Valley. Prior to unrest, the local production—both in private and public sector— would suffice the demand. However, the closure of the units due to the shutdown from July 9 has made Valley dependent on imports. According to sources Kashmir gets cement, mostly of “substandard” quality, from the outside in the wake of closure of the local units here, which…
Read MoreCategory: Business
Business
Patnitop tourism takes a beating due to Kashmir Turmoil
The ongoing unrest in the Valley has spoiled the tourism at Patnitop and affected the livelihood of the government (JK Tourism Development Corporation and Tourism Department) and private hoteliers besides all those dependent on the allied services. With peak tourist season already over, the autumn setting in and school or college exams round the corner, Patnitop wears a deserted look even on Sundays as no local tourist was seen here on Sunday. According to the Manager, JKTDC, Patnitop, Karam Chand Bhardwaj, since June 10 the occupancy rate in the JKTDC…
Read MoreBatamaloo General Bus Stand to be developed as Central Bus Stand
The Divisional Commissioner Kashmir, Baseer Ahmad Khan, today visited General Bus Stand Batmaloo, which is planned to be upgraded on modern lines as Central Bus Stand. Deputy Commissioner Srinagar Farooq Ahmad Lone, VC SDA Tahseen Mustafa, IG Traffic Showkat Ahmad Wattali and other senior officers of the district administration accompanied the Divisional Commissioner. It was informed that the Batamaloo Bus Stand will be shifted to Parimpora and land for the same has already been identified The VC SDA briefed the Divisional Commissioner about the features of proposed site plan for…
Read MoreTourism lost Rs 4,000 cr to 2016 Kashmir Unrest
Stakeholders in a fix due to continuous shutdowns As the tourist arrivals to Kashmir have trickled down drastically in the wake of ongoing unrest, the local tourism industry is believed to have suffered a massive Rs 4,000 crore loss. Prior to July 8, the tourism industry was upbeat over “good number of arrivals” they were recording after suffering huge losses due to 2014 deluge and flood scare in 2015. However, the mass uprising in Kashmir in the wake of killing of Hizb commander Burhan Wani and followed by civilian killings,…
Read MoreJawahar Tunnel to remain open round the clock: IGP
The government has decided to keep both tubes of Jawahar Tunnel on the Jammu – Srinagar national highway open round the clock from today to facilitate the passengers, essential supplies and transportation of fruits. According to the Inspector General of Police (IGP), Traffic, J&K, the zonal IGPs of Kashmir and Jammu have been asked to direct the SSPs and SPs concerned to make all requisite arrangements for safe traffic movement in their respective jurisdictions, besides providing necessary police assistance to the Traffic Police personnel for strict implementation of the above…
Read MoreChenani-Nashri tunnel to be thrown open in November
The Chenani-Nashri tunnel, the passageway connecting Udhampur district with Ramban district on Jammu-Srinagar highway, is likely to be thrown open by the end of November or in first week of December this year. Officials informed Kashmir Post that most of the civil works on India’s longest road tunnel has been completed and leftover work will the finished till end of this month. “98 percent civil work including construction of 9 kilometer tunnel and its approach road has been completed while the installation of equipments and gadgets like sound diffusers, ventilators,…
Read MoreIRCTC to introduce glass ceiling coaches in Kashmir and Araku valley
India has always been an incredible place to tour and its picturesque landscapes are breathtaking for any traveller. In line with the Modi government’s bid to promote tourism in the country, Indian Railways’ IRCTC is taking a leaf out of Switzerland’s books. You can soon travel by train through the Kashmir and Araku valleys, enjoying nature’s beauty through glass ceilings and panoramic windows! Yes, in the coming months, Suresh Prabhu-led Indian Railways is all set to take luxury travel to a new height, by introducing glass-ceiling luxury coaches in trains.…
Read MoreIndian companies suffer losses in Billions due to Kashmir Unrest
National and multi-national companies operating across India have been incurring losses in billions due to prevailing Kashmir unrest. Despite being a consuming state, there is meager influx of commodities from different Indian states to Kashmir Valley. Senior Vice Chairman Kashmir Economic Forum and renowned industrialist Jan Muhammad Koul told news agency CNS that if current situation will prevail for many more days in Kashmir the State Government too will incur a loss of Rs ten thousand crores that it earns from traders in the form of Value Added Tax (VAT).…
Read MoreJK Bank mulls `Islamic Banking’ due to high demand
Newly-appointed Jammu and Kashmir bank chairman Parvez Ahmad on Monday said that the state government-controlled lender was ready to offer Islamic banking, if the Reserve Bank of India approved the move. Ahmad told a press conference that there was a strong demand for such banking service in Kashmir but RBI would need to examine the proposal. “We have not given a serious thought to it, but there is a lot of demand for Islamic banking in the state. We will examine the proposal and we have to also take RBI…
Read MoreLosses to Kashmir’s economy piling up due to unrest
Business sector pegs loss at Rs 11,000 cr, with single day shutdown cost coming to Rs125 cr There seems to be no end in sight to the losses being suffered by Kashmir’s economy ever since Hizbul Mujahideen commander Burhan Wani’s killing on July 8 sparked widespread protests. The unrest has hit hard all business sectors, especially shopkeepers, tourism stakeholders and transporters. Other sectors like horticulture too are facing the heat due to continued shutdown calls coupled with curfew and restrictions. According to the Kashmir Chamber of Commerce and Industry (KCCI),…
Read More
