Category: Business

Business

Kashmiri traders facilitate return of Rs 25 cr business to Hindu family

Editor

Around 26 years ago, Sita Ram Sokhal left his business in Srinagar following eruption of armed struggle in Kashmir. Over two-decades later when he returned, he got back the possession of his shop and business worth Rs 25 crore at Srinagar’s centre Lal Chowk, courtesy the Muslims traders’ community. Sokhal (80) is proprietor of Kashmir’s famous Shakti Sweets. In 1990s, he like many other non-Muslims left Kashmir on the onset of armed conflict. Before leaving, Sokhal handed over the control of his shop ‘Shakti Sweets’ to his employees who ran…

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Kashmir Inc calls Rs 800 cr interest subvention a ‘cruel joke’

Editor

The Kashmir Chamber of Commerce and Industry Monday termed the announcement of Rs 800 crore for interest subvention to traders by the government as a “cruel joke”. The KCCI stated that the Rs 44,000 crore flood relief package which the then NC-led government in Jammu and Kashmir had sought from the central government, included Rs 19,241 crore for trade and business rehabilitation and revival. In this amount (Rs 19,241 crore), there was a provision of Rs 8741 crore for interest subvention including Rs 2880 crore for existing loans, Rs 5760…

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Kashmir willow set to cross LoC, boost trade with Pak

Editor

The cross-LoC trade, which began in October 2008, takes place mainly through the Uri-Muzaffarabad and Poonch-Rawalakote routes Despite the Pathankot terror attack destabilising the normalisation of ties with Pakistan, India may soon begin a different kind of “cricket diplomacy” to boost the bilateral trade across the Line of Control (LoC) and as a major confidence-building measure (CBM). The list of tradable items is likely to be substantially expanded from the current 21 (of mainly garments, handicrafts, carpets, agricultural items), by allowing, among others, Kashmir willow used to make cricket bats,…

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Protesting flood hit-traders seek rehab, threaten to intensify stir

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A faction of the Kashmir Traders and Manufacturers Federation (KTMF) staged a protest near the Press Enclave here today demanding suitable rehabilitation for the flood-hit businessmen. The KTMF members led by Mohammad Sadiq Baqal carried a banner in favour of their demands and raised slogans against the government. The protestors flayed the government for failing to rehabilitate them. They warned of dire consequences if their demands were not met at the earliest. “Our houses, shops remained submerged in 10 to 12 feet water during (September 2014) floods. Even though we…

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JK as safe as any other place in the world: Farooq Shah

Editor

Making a fresh pitch to attract tourists, Jammu and Kashmir government today said the state is the “best” destination for travellers in the country and it is as safe as any other place in the world. “When it comes to J&K, as a tourist destination, we are the best in the country. Problem lies with this false perception that J&K is not safe. Let me tell you it’s as safe as any other place in the world. “And if it’s about a safety certificate, I wonder if any other state…

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Road contractors want three-year maintenance clause changed

Editor

Contractors involved in blacktopping and construction of roads in Jammu are making renewed efforts to change the three-year maintenance-guarantee rider included by the Roads and Building (R&B) Department during the PDP-BJP government. The clause was included to end the use of substandard material while laying road network. Feeling the pinch as they are now accountable for works undertaken by them, majority of the contractors want the deficit liability clause lowered to one year as was the norm earlier to repair or reconstruct any newly laid road if its condition deteriorates…

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Kashmiri cuisine biggest attraction for tourists: Shah

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JKTDC to organize food festivals across India  Secretary Tourism Farooq A Shah said J&K state is diverse and rich in its culture and cuisine which has international appeal. He said Kashmir’s rich cuisine has international appeal and to further promote it JKTDC would organize food festivals across India. He was giving details of recently organised food festival during Bharat Parvah organised by Ministry of Tourism GoI on the back ramp pads of reds fort during the republic day which saw the participation of all the states of India including the…

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‘Valley produces surplus milk’

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No facility to convert surplus quantity into its other products: Animal Husbandry  Kashmir total milk production in the last financial year of 2014-15 reached 1306.23 metric tons against the target of 1362.00 metric tons which according to Animal Husbandry department is still surplus. “We produce milk in surplus of Indian Council of Medical Research recommendations of 230ml to 250ml per capita,” said Technical Officer General at Animal Husbandry department, Dr Anjum Andrabi. He, however, said there is no facility in Valley or with farmers to convert surplus milk into other…

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JK’s ‘over dependence’ on paramilitary forces a drain on exchequer

Editor

The deployment of Central Armed Paramilitary Forces (CAPMFs) in J&K is set to take a toll on its cash-starved economy, with the forces seeking money from the State for providing their “assistance.” Official documents in possession of KP reveal that the Indo-Tibetan Border Police (ITBP)—the paramilitary force falling under the jurisdiction of Union Ministry of Home Affairs—has charged J&K Rs 7.68 crore for utilizing services of its men in maintaining internal security in the State. In a communiqué (NO.11/28014/ITBP/IS. duty/Dep.Charges/Service Tax/2015-16,Dated, September 4, 2015) , the Directorate General of ITBP has…

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It’s official: Flood-affected traders won’t get any compensation

Editor

The flood-affected traders and businessmen in Kashmir—who suffered huge losses in the September-2014 floods—won’t be getting any compensation as promised to them by the central and state government from time to time. Official sources disclosed to KP that the Government of India has decided against rehabilitating the flood-hit traders and provide interest subvention instead of any compensation. “After studying the contours of Rs 80000-crore package announced by the Prime Minister NarendraModi in Srinagar last year, it has come to the fore the Rs 800 crore earmarked for the business losses will…

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