Kashmir commonly known as "The Heaven on Earth" . Known for its beauty Jammu and Kashmir's economy is predominantly dependent on agriculture and allied activities and is also known for its sericulture and cold-water fisheries.
Horticulture and Tourism plays important role in the growth of Jammu and Kashmir.
But from previous years 2021-23 Kashmir struggle in a huge unemployment, job loss, buisness failure etc .There are few reasons behind this whole situation.
Why Kashmir Buisness declined Expert Analysis
On August 5th and 6th, 2019, over the course of two days, the Union government repealed Article 370, revoking Jammu and Kashmir's special status.The Kashmir is completely under the lockdown this process hitted the small Business, private sector very badly causing many job losses in private sector.
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After this not only jammu and Kashmir but whole country comes under the Covid-19(Corona virus) this creates more job losses, unemployment, and in due course of time the savings inventory of families comes to an end, people prefer only to buy essential items.The following industries became the main victims which includes,the hotel and restaurant, clothing,the tourism, private education and the transport sector.
It is not the end of struggles Jammu and Kashmir got a another hit i.e. the Decline of Fruit Rates in the year 2022 . The Government has tried to uplift jammu and Kashmir from this many schemes launched by government to uplift the small sectors but it is enough to boost it into original position.
Last but not the least with the start of the year 2023 peoples of Jammu and Kashmir shows more interest in online buying this slightly downing the small business and retail sector.
Jammu and Kashmir slowly gaining it's position in all sectors from middle of 2023,this year fruit industry shows positive growth.“GDP growth for the year 2023-24 has been projected at Rs 2,30,727 crore which shows a growth of 10 percent over the previous year,” read a copy of J&K's Budget 2023-24 tabled by the Union Finance Minister in the Parliament last week.
This blog is written based on analytics from 2019 for any suggestions please comment below
Written by : Sartaj Ahmad
