Securing growth, development
The stress that has engulfed the trade and businesses in Kashmir especially after clampdown imposed after the revocation of article 370 and now the Covid-19 pandemic has dealt a serious blow to any future prospects of witnessing a revival and growth in the economy.
This issue has been rightly flagged by various trade bodies and as of now their requests were not heeded to. However, after the appointment of a new Lt Governor for Jammu and Kashmir things may start to change as it is after serious persuasion by the trade bodies that a committee has been tasked to work out modalities for the economic revival of the union territory and extending support to its business community.
The committee will make an assessment of the overall economic scenario and propose fresh measures to ensure its revival, extension of power amnesty scheme and taking a holistic view of policy/guidelines for registration, renewal and operation of house boats.
The committee has been tasked to work out modalities for the economic revival and propose measures for extending much needed support to the business community. The only silver lining as of now is that the committee will be working out these modalities in a time bound manner and by September 1 it will submit its report to the Lt Governor so that necessary measures can be initiated in the right direction.
The trade and industries are the major impact sectors for the economic development of any region and more effective measures are needed to develop a conducive environment for the development and growth of industrial and business sector here.
Jammu and Kashmir cannot always rely on assuring the youth of opening the government sector for jobs and other forms of employment. This is not practicable-as everyone cannot be provided a government job and secondly, for nurturing the economy various private sectors also need to be groomed to help support the revenue generation and creation of more jobs in the private sector.
The private sector has been witnessing apathy for long now and it is high time that the Lt Governor takes a lead and initiates key reforms to help groom the economy and let it grow. This can only be feasible when the government devises an institutional mechanism for taking onboard all stakeholders while formulating policies and other related issues.
The government also needs to take a fresh holistic review, after examining stakeholder concerns, in respect of policy/guidelines for opening and operating various new business ventures which are in demand across the globe and which have the potential of creating jobs at various levels.
Providing jobs for the youth has to be the biggest concern for the government right now. At present Jammu and Kashmir has around six lakh unemployed youth waiting for the day to get gainful employment.
And if the promise of ensuring development in the region holds any water than the opportunity has come and it needs to be availed.
KV Network
