The economy of Kashmir is crumbling at a fast pace . The ragging pandemic of Coronavirus has wrecked havoc on global economies and the Economy of the Kashmir has been especially hit hard .
The financial doom is evident in Jammu and Kashmir . The rising number of suicide cases and growing frustration and drug abuse are direct consequence of the financial doom .Recently, the representative of as many as 35 associations related to business and industry attended the meeting. It was agreed by one and all those businesses in J&K need relief and revival financial packages immediately to keep the wheel of the overall economy in the UT moving.
The present scenario in terms of losses and showdowns of business units and establishments were thoroughly discussed in the meeting in which stakeholders shared facts about the ground situation. They said that the pandemic has created havoc on all kinds of businesses in J&K. Former Chief Minister of the erstwhile Jammu and Kashmir State National Conference (NC) vice president Omar Abdullah on Monday said the economy of Jammu and Kashmir is on the “brink of collapse” as every sector in the union territory has suffered losses in the last two years. Addressing a meeting of the party’s constituency in-charges of north Kashmir’s Baramulla District at party headquarters Nawa-e-Subha here, Abdullah expressed concern over “the soaring unemployment” in Jammu and Kashmir and the alleged rising incidents of suicide among the youth.