Category: Business

Business

Valley’s floating marvels dying a slow death

Editor

A trip to Kashmir was once considered incomplete without a stay in a houseboat that used to lodge celebrities like Beatles lead guitarist George Harrison and Bollywood legend Dilip Kumar. Guests like Nelson Rockefeller, the 41st US Vice-President, and ambassadors of foreign countries too would prefer to stay at the houseboats during a visit to the Valley. However, now its owners fear that the houseboats may soon become extinct. The number of houseboats on the Dal and Nigeen Lakes is reducing with every passing year and its owners say repairing…

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Rise in airfares as tourist season peaks

Editor

Rising airfares have started playing a damper on tourism in Kashmir even as the sector was on a path of revival this year after setback suffered in 2014 due to devastating floods. Tickets to a few cities are even costlier than international flights. This has made Valley’s tourism players lose sleep. Despite raising the matter several times with the Centre and state, the issue of soaring airfares continues to bother the stakeholders. “If you want to book now, the cheapest ticket to New Delhi these days costs more than Rs…

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Fear of attack on yatra can hit pilgrim arrival: Hoteliers

Editor

The apprehensions aired by security agencies that terror groups are planning to disturb the Amarnath yatra have created a fear psychosis among devotees. The statement by the Director General (DG) of the BSF on Saturday has disheartened pilgrims and tourism stakeholders in Jammu. KK Sharma, DG, BSF, on Saturday said, “There are intelligence reports that militants have plans to attack the forthcoming Amarnath yatra, but we have made adequate arrangements to ensure an incident-free yatra this year also.” “The statement of the security forces about the apprehension of attack can…

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Govt announces roll back of VAT hike on garments, hosiery, cell phones

Editor

Aviation fuel tax to remain at previous 20 % Jammu and Kashmir Government Thursday announced rollback of VAT hike proposed in the Budget on readymade garments, hosiery and cell phones. It also announced that tax on Aviation Turbine Fuel (ATF) for helicopters engaged in tourism and pilgrimage will be kept at previous 20 percent. The rollback was announced by Finance Minister DrHaseebDrabu while winding up Budget discussions in the House. The VAT on these items will remain at previous 5 percent, he said. In the Budget, the Government had proposed…

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NHPC is hopeful of keeping all its projects in J&K

Editor

State-run NHPC is hopeful of keeping two of its projects in Jammu and Kashmir with itself even as the state government is in talks with the Centre to take over the power plants at Dulhasti and Uri. State-run NHPC is hopeful of keeping two of its projects in Jammu and Kashmir with itself even as the state government is in talks with the Centre to take over the power plants at Dulhasti and Uri. J&K finance minister Haseeb Drabu last month said the state wanted to take over the two…

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Tourism holds huge potential in state: Mehbooba Mufti

Editor

Chief Minister Mehbooba Mufti has said the focus of development framework for tourist resorts in the state should not only be planned growth but also creating economic opportunities for the local communities. “Unfortunately, the tourism destinations in Jammu and Kashmir have pursued development strategies without proper planning. They have not considered the impact such lopsided changes can have on environment and local communities,” the CM said while reviewing the progress of Master Plan-2032 for the tourist resort of Gulmarg.

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Govt to rope in private players to build roads, hospitals

Editor

Government will rope in private players to develop the infrastructure in the state including the roads and hospitals due to the shortage of funds. In reply to question of CPI (M) MLA, M Y Tarigami, which was asked by NC legislator Devinder Singh Rana in Tarigami’s absence, Finance Minister, Haseeb Drabu, said the government has already sanctioned the policy to implement projects in nine sectors including roads and health in the private public partnership (PPP) mode. He said vide government order no 238-F of 2015 dated December 8 2015, the…

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Bandh on Saturday if taxes not rolled back : Trade bodies

Editor

Entertainment duty of Rs.50/- per connection on satellite and cable TV which will directly affect the common man. Various trade bodies on Saturday urged the business establishments to down their shutters on Saturday, June 4 to protest against the budget proposals in case government failed to roll back the taxes. A Joint meeting of The Kashmir Chamber of Commerce & Industry (KCC&I), Kashmir Economic Alliance(KEA), Kashmir Traders & Manufacturers Federation(KTMF), Federation Chamber of Industries Kashmir (FCIK) was held today to discuss the 2016-17 State budget presented by the Finance Minister.…

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Petrol price up by Rs 2.58, diesel by Rs 2.26

Editor

Petrol price was on Tuesday hiked by Rs 2.58 a litre and diesel by Rs 2.26 per litre, the second increase in rates this month. Petrol will cost Rs 65.60 per litre in Delhi after the increase while diesel will cost Rs 53.93/litre. Prices were last hiked on May 17. “The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant increase in price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision,” said Indian…

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Budget 2016-17 Highlights

Editor

This budget, the first of this new PDP-BJP Government, has been formulated as a tribute to Jenab Mufti Mohammed Sayeed, said Drabu. Finance minister Haseeb Drabu on Monday presented the budget for 2016-17 in the Jammu and Kashmir legislative assembly. This budget, the first of this new PDP-BJP Government, has been formulated as a tribute to Jenab Mufti Mohammed Sayeed, said Drabu. “Having had the privilege of being his Finance Minister, I have, in this budget, attempted to put into a framework the “Mufti Model of Governance”,” he said. Here…

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