BUSINESS

A sharp spike in food prices has left Kashmiri households reeling, following the government’s decision to remove regulatory oversight on essential commodities. The removal of government controls on essential commodity prices has plunged Kashmir into a food price crisis, leaving households struggling to keep up with the soaring cost of basic necessities. The deregulation has handed full control to vendors and traders, resulting in a chaotic market where prices vary wildly and essentials become increasingly unaffordable. Vegetable prices have surged beyond previous highs, with peas now at Rs 180 per kg, tomatoes at Rs 80, and potatoes at Rs 50. Mutton, a dietary staple in Kashmir, has reached Rs 700 per kg, forcing families to reconsider their food choices and cut down on consumptio...

Chief Minister Omar Abdullah has announced his intent to restore the biannual Darbar Move, overturning the Lieutenant Governor's 2021 decision to halt the century-old tradition. The announcement has sparked hope and relief among Jammu-based traders, who have long argued that the move's suspension led to significant economic setbacks, particularly during the winter months when government offices traditionally operated in Jammu. The Darbar Move, which alternates administrative operations between Jammu in winter and Srinagar in summer, has been a cultural and economic mainstay for over a century. Its suspension disrupted this balance, leaving Jammu's traders struggling with reduced footfall and economic stagnation. Rajesh Gupta, a trader in Raghunath Bazaar, expressed optimism, sa...

Shabir Ali The Department of Tourism has evicted tea stall owners operating at various locations in Doodhpathri, directing them to relocate to a single designated site near the toll post office. The affected vendors allege that they were not given any prior notice, leaving them scrambling to adapt to the new arrangement, as per local news agency Kashmir News Trust. The tea stall owners, who have long relied on selling tea and snacks to sustain their families, expressed frustration and despair over the abrupt eviction. One of the displaced vendors said during a protest, "We were not given any notice, and our livelihoods are at stake." Many of these vendors have become a beloved part of Doodhpathri's tourism experience, frequently featured in social media content by visitors f...

The government’s move to officially notify iconic Kashmiri cricket bats in its list of notified handicrafts is being widely appreciated as the decision according to them would help Kashmiri bats in getting more recognition world-wide. Bat Manufacturers in Kashmir told the news agency—Kashmir News Observer (KNO), that this step is expected to give a significant boost to the reputation of Kashmiri bats globally while preserving their traditional craftsmanship. The cricket bat industry in the region, particularly in Sangam and Awantipora areas of South Kashmir, has a rich history and is renowned for its high-quality willow bats. The decision to classify Kashmiri bats as a handicraft means they will now benefit from government support, branding, and market outreach under the handicraf...

The indigenous Hirpora Red Potato, renowned for its unique taste and texture, is on the brink of extinction, locals in the Hirpora area of south Kashmir have warned. Hirpora, located along the historic Mughal Road and surrounded by the Hirpora Wildlife Sanctuary, is traditionally known for its potato cultivation. Once a staple crop grown by many in the region, the production of this prized variety, also known as ‘Katt-e-Maaz Aolu’ (Mutton Potato), has sharply declined, with only a handful of farmers continuing to cultivate it. Speaking to the news agency—Kashmir News Observer (KNO), residents from Hirpora said that the potato, known throughout India for its distinct flavour and crunch, has seen a dramatic reduction in cultivation due to factors like excessive use of chemical ferti...

Employees of Jammu Kashmir’s Small Scale Industries Development Corporation (SICOP) have petitioned Deputy Chief Minister Surinder Choudhary, calling for immediate intervention to tackle what they describe as a “crisis” facing the organization. In their memorandum, SICOP’s employees highlighted severe challenges impacting their livelihoods and the future of small-scale industries across the region. “Our marketing capabilities have been severely compromised, leaving thousands of families and SICOP workers in jeopardy,” stated the union, noting that SICOP’s turnover has dropped significantly from ₹1,200 crore in recent years. They pointed out critical issues, including unpaid salaries and pending retirement benefits. “Many of our employees have gone without pay for months, and retir...

In a remarkable season for Kashmir’s horticulture industry, approximately 9 lakh metric tons of fruit, valued at around 600 crores, has been dispatched over the past four months, with Sopore Fruit Mandi alone, contributed 4-5 lakh metric tons to this total. Speaking with the news agency—Kashmir News Observer (KNO), the president of Sopore Fruit Mandi, Fayaz Ahmed Malik, known as Kaka Ji, said that with the peak apple season, around 250 trucks are loaded with fruit daily from Sopore Mandi, the second-largest fruit market in Asia, where prices are robust and meeting expectations. He said this positive trend is due to favourable market rates and a steady demand despite less-than-ideal weather conditions this year. “The rates, including those for early varieties, are strong and align wit...

The Ministry of Science and Technology has introduced a breakthrough in anti-counterfeiting technology with the development of a new ink designed to enhance security for currency, certificates, branded products, and medicines. This innovative ink, created by researchers at the Institute of Nano Science and Technology (INST), uses luminescent nanomaterials to produce distinct color changes under different light wavelengths, allowing for easy verification of authenticity. According to the ministry's press release, the ink incorporates rare earth materials that emit unique colors depending on the type of light exposure. For instance, the ink glows blue under 365 nm light, pink under 395 nm light, and orange-red under 980 nm near-infrared (NIR) light. Unlike conventional UV-sensitive ...

The Federation of Chambers of Industries Kashmir (FCIK) has expressed serious concerns about the long-term financial health of Jammu Kashmir Bank, citing its growing dependence on non-core income for profits. During a meeting at the FCIK headquarters, senior members and the Advisory Committee reviewed the bank's latest financial reports and flagged issues that could undermine its stability in a volatile economic climate. The FCIK emphasized that while J&K Bank has reported significant financial gains, much of this success is tied to non-core income sources, such as trading and asset recoveries. The chamber pointed out that such gains, particularly from settling Non-Performing Assets (NPAs), lack the stability required for sustainable growth. "Over-reliance on non-core incom...

Jammu Kashmir has attained third rank among the States/UTs in Food Safety Index 2023-24, being conferred by FSSAI to the states / UTs every year. The award was presented by Union Minister for Health & Family Welfare, J P Nadda, in presence of Pralhad Joshi, Union Minister for Consumer Affairs, Food and Public Distribution and Minister for New and Renewable Energy at Bharat Mandapam and CEO FSSAI, G. Kamala Vardhana Rao on the eve of second edition of Global Food Regulators Summit 2024 hosted by FSSAI alongside the World Food India, today in New Delhi. The Food Safety Index is a dynamic quantitative and qualitative benchmarking model that provides an objective framework for evaluating food safety across all States/UTs. The Food Safety and Standards Authority of India (FSSAI) be...