Category: Business

Business

Kashmir faces recession as sales turnover declines

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The Kashmir region is facing economic recession due to the drastic decline in the industrial and trade turnover. According to officials, as per the data received for preparation of quick estimates of gross domestic product (GDP) for 2014-15, there is a decline in comparison to the projected GDP growth. In the year 2013-14 state’s GDP at current prices was Rs 87319 crores. Also the industrial turnover has witnessed a near 30 percent decline while trade turnover has seen a drop of near 60 percent. The industrial production has come down…

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Petrol, diesel prices cut

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Petrol price was today cut by 32 paise and diesel by 85 paise a litre, the fourth reduction in rates in six weeks on the back of softening global oil prices. Petrol in Delhi will cost Rs 59.03 per litre with effect from midnight tonight as against Rs 59.35 per litre currently. A litre of diesel will cost Rs 44.18 as opposed to Rs 45.03 presently, said Indian Oil Corp (IOC), the nation’s biggest fuel retailer. This the fourth reduction in rates since December 1. Rates were on that day…

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Kashmir tops domestic destinations list; luxury travel rising among Indians: Yatra

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Luxury travel is on the rise among Indians, travel portal Yatra.com said on Monday. According to Yatra.com’s winter survey, the propensity of Indians to spend on travel has increased and more than 30 percent respondents were ready to spend above Rs.50,000. “We have seen a number of takers opting for not only domestic but also international destinations for their winter vacations. Indians are holidaying more frequently and that’s a trend that has been on an increase over the past few years,” Yatra.com president Sharat Dhall said in a statement. Nearly…

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Zojila, Z-Morh tunnels will boost adventure tourism: ATOAK

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Kashmir-based Adventure Tour Operators Association or ATOAK has welcomed the union government decision to speed up the process for constructing Zojila tunnel on Srinagar-Kargil-Leh highway. President ATOAK Rauf Tramboo said the project is already too late. “The tunnel should have been there in mid 80s or even much earlier when adventure tourism started booming in the world and was all time high in Kashmir.” “Sind Valley including Sonamarg is a prime attraction for round the year adventure related activities but due to non availability of road connectivity in winters this…

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Traditional copper utensils moving out of Kashmiri kitchen

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The use of exquisite and traditional copper utensils, which have been part of Kashmir’s culture for a long time, is declining as it faces challenge from cheaper ceramic and modern cookware. The artisans linked to the trade said the use of plain copper utensils had become obsolete and the sale recorded a considerable drop over the years. “Since past few decades we are observing a decline in the sale of copperware, but the reduction has not been more than 15 per cent,” said Sheikh Muzaffer, a city-based trader, who has…

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30% Drop in demand of Kashmiri Apples

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The fruit growers and traders in Kashmir are presently a worried lot: Reason, there is almost 30 per cent drop in demand for Kashmiri apples in the Delhi market as compared to last season. The stakeholders believe the drop in the demand is a result of the “overall economic downturn” coupled with some local factors. “The quality of the fruit is not that good this year mainly because of the inclement weather and use of substandard pesticides and fungicides,” they said. Speaking to us, Bashir and Baseer, President, Kashmir Valley…

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Adventure activities will attract high-spending tourists: AKTO

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Association of Kashmir Tour Operators (AKTO) has hailed tourism department for conducting adventure sports activities during winter months. In a statement, Chairman AKTO Nazir Ahmad Mir said national ice-skating held at Gulmarg and ice-climbing event at Pahalgam would help promote Kashmir among the adventure lovers and bring good adventure enthusiasts to Valley. “Adventure tourism has lot of potential in the State and organizing events would promote Kashmir for adventure tourism also. Adventure tourists are high-spending tourists who needs to be attracted to Kashmir in large numbers,” said AKTO Chairman AKTO…

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New trains, business opportunities for J&K: Prabhu

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Interacts with Ministers, MPs, Legislators Centre liberal in schemes, funds for State: Dy CM Union Minister for Railways, Suresh Prabhu today said that Indian Railways is taking steps to connect Jammu and Kashmir State with rest of the country through railway line starting from the northern district of Baramulla. He said in this regard the project which was left in limbo has been fast paced by holding regular periodical meetings about its implementation besides providing the requisite funds for it. The Union Minister was addressing a meeting here today. It…

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Post-floods, govt fails to revive economy

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As Finance Minister Haseeb Drabu is making preparations to present the second annual Budget in the Legislative Assembly on January 22, the PDP-BJP government’s efforts in the last nine months to revive the post-flood economy have disappointed people. The coalition government, in its maiden Budget on March 22, 2015, had promised to work towards economic self-reliance and fiscal autonomy while focusing attention on putting the state on the path of recovery after the floods in 2014. The government had termed its first Budget as “white paper” on the state finances…

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Govt aims to make Tulip Garden a ‘major tourist attraction’

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In a bid to woo tourists throughout the year, the government is seriously mulling to make Tulip Garden in Srinagar as an all-season attraction, officials said on Tuesday. If all goes as per the plan, Tulips would bloom twice a year at the Tulip Garden situated on the foothills of Zabarwan mountains, overlooking the famous Dal Lake here. “A tourist should have something to enjoy throughout the year. We plan to integrate Botanical Garden with the Tulip garden to make it an all-season attraction for tourists,” said Director Floriculture, Talat…

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