Friday, January 31News and updates from Kashmir

BUSINESS

‘Russia-Ukraine Crisis’- Oil prices go up, Stock Markets Sink

‘Russia-Ukraine Crisis’- Oil prices go up, Stock Markets Sink

BUSINESS
Analysts have turned cautious amid Russia's military operation and said downside risks remain for financial markets over the coming days, NDTV reported. "Clearly, the situation in Ukraine is incredibly fragile, and investors remain nervous that Russian authorities lay claim to broader areas of the Donbas than those currently held by rebels and potentially now by the Russian military. The market reaction to the first tranche of Russian sanctions has been relatively sanguine so far," Chris Turner, global head of markets at ING said. Meanwhile, the price of Brent oil surged to $100 per barrel for the first time since 2014. Bloomberg, in a report, said the world economy's inflation shock set to worsen from Oil at $100, representing a double-blow to the world economy by further denting...
Administrative Council approves policy for promotion of Foreign Investment in Industrial sector in J&K- 2022

Administrative Council approves policy for promotion of Foreign Investment in Industrial sector in J&K- 2022

BUSINESS
The Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha, today approved the Policy for Promotion of Foreign Investment in the industrial sector in Jammu and Kashmir- 2022. Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr. Arun Kumar Mehta, Chief Secretary, J&K, and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting. The new policy is based on the guiding framework on FDI issued by the Government of India through the RBI and DPIIT and will be valid for the next 10 years. It aims to facilitate large foreign investments greater than Rs.100 crore with a minimum of 51% foreign stakes. The policy also provides for identifying parcels of land in various industrial esta...
Admin Council Approves Land Transfer for New Police Post & High Security Prison among others

Admin Council Approves Land Transfer for New Police Post & High Security Prison among others

BUSINESS
The Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha, today approved the proposal of the Revenue Department to transfer various parcels of land for public purposes. Farooq Khan and Rajeev Rai Bhatnagar, Advisors to the Lieutenant Governor, Dr. Arun Kumar Mehta, Chief Secretary, J&K and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting. The Administrative Council approved the transfer of land measuring 63 Kanal 04 Marla in favour of Higher Education Department for construction of a new Government Degree College in village Firsal, District Kulgam. The decision aims to provide quality higher education opportunities to students of the region and boost employment of teaching and non-teaching...
Ailing Kashmiri businessman Zahoor Watali moved out of jail but put under house arrest

Ailing Kashmiri businessman Zahoor Watali moved out of jail but put under house arrest

BUSINESS, REGIONAL
Kashmiri businessman Zahoor Watali, arrested by the National Investigation Agency in 2017 in a militant financing case, has been moved out of a jail and put under house arrest to facilitate treatment for a terminal disease. A special NIA court earlier this month rejected Watali's application for a regular bail but took a compassionate view of his illness and allowed him to avail treatment from house but in judicial custody. Taking into consideration the advice of doctors from a private hospital as well as those from the AIIMS, the special NIA court said Watali's bail application deserves dismissal as it has been rejected by the Supreme Court. However, till further orders, the court said, Watali could be moved to a house from where he shall be allowed to visit hospital for his trea...
JK admin signs MoC with New Zealand G2G for transforming sheep farming sector in the UT

JK admin signs MoC with New Zealand G2G for transforming sheep farming sector in the UT

BUSINESS
Administration of JK today signed a Memorandum of Cooperation (MoC) for transforming Sheep Farming Sector in the UT. The virtual MoC signing ceremony was presided over by Lieutenant Governor Manoj Sinha at Raj Bhawan. The MoC was signed by Sh. Navin Kumar Choudhary, Principal Secretary to JK Government, Animal & Sheep Husbandry Department and Ms Mischa Mannix-Opie, Executive Director, New Zealand G2G as a mutual commitment between J&K and New Zealand for complementing each other’s capability in sheep sector. The Lt Governor observed that the new partnership between J&K and New Zealand will boost production & productivity in livestock sector of the UT. Overarching objective of the MoC is to improve farmers' remuneration, transfer of technology in research & dev...
Jammu Kashmir receives 4114 applications for establishing industrial units; land allotment to begin this month: Report

Jammu Kashmir receives 4114 applications for establishing industrial units; land allotment to begin this month: Report

BUSINESS
The Jammu Kashmir administration has received a mammoth 4,114 online applications for the establishment of business units in the region under the Jammu Kashmir Land Allotment policy with a pledge of Rs 44,327 crore in investment. According to a report by Deccan Herald, a total of 1,919 industrial units were established in Kashmir since 1947. The LG Manoj Sinha-led administration is in process of allotting land to about 1,200 new units for "industrial development" in the region. The land allotment process is likely to begin this month. The report quoted the Director Industries and Commerce Department, Kashmir, Mehmood Ahmad Shah, as saying, "Not only investors from across the country, but big companies from countries like Dubai too are showing keen interest in investment in the ...
JK gets Rs 35581 crore in Union Budget

JK gets Rs 35581 crore in Union Budget

BUSINESS
Rs 33923 crore to meet resources gap; Rs 273 crore for Dal—Nageen lake; Rs 500 crore support for capital expenditure The Government of India has allocated Rs 35581 crore for Jammu & Kashmir in the Union budget presented by Finance Minister Nirmala Sitharaman in the Parliament on Monday. According to news agency—Kashmir News Observer (KNO), Rs 35581 has been allocated to Jammu & Kashmir for the next fiscal in the Union Budget. Of which, Rs 33923 crore has been allocated to meet revenue deficit gap/ resource gap of UT, Rs 279 crore grants as UT disaster response fund, Rs 273 crore as rehabilitation for Dal—Nageen lake, Rs 130 crore, Rs 476.44 crore grant towards equity contribution for 624 MW Kiru and Rs 500 crore support for capital expenditure—(KNO)
COVID-19 3rd wave: Restaurant owners struggling to survive, 50% hotel booking cancelled: Tourism players

COVID-19 3rd wave: Restaurant owners struggling to survive, 50% hotel booking cancelled: Tourism players

BUSINESS
Amid the surge in positive cases in J&K and weekend lockdown, the restaurant owners in Kashmir are struggling hard to survive while people associated with tour and travels said that around 50 percent booking have already been cancelled. Sheikh Feroz Ahmad president of Restaurants association of Kashmir (RAK) while talking with the news agency—Kashmir News Observer (KNO) said that restaurant owners have been suffering from the last three years now mostly and with new restrictions of weekend lockdown they are struggling hard to survive. “Due to the economic crunch, business was already down and elite class remains out of the valley in winter so work was already down, but weekend lockdown has further dented our businesses,” Feroz said. Feroz said since the last few years new yout...
Allow restaurants ‘Take away’ Facility during lockdown in Kashmir: CCIK

Allow restaurants ‘Take away’ Facility during lockdown in Kashmir: CCIK

BUSINESS
Associated Chamber of Commerce and Industry Kashmir (CCIK) has urged LG Administration to allow restaurants and cafes for the takeaway facility during the lockdown.buy imodium online www.mabvi.org/wp-content/languages/new/imodium.html no prescription In a statement to Kashmir News Service (KNS), CCIK President Tariq Rashid Ghani said due to lockdown commuters and tourists are facing inconveniences while commuting from one place to another. Ghani said the restaurants at tourist spots should be allowed to operate with proper SOPs of 50 percent capacity so that travelers and commuters don't face difficulty and generate income for the units. "Due to the lockdown, the tourist influx has dropped by 50 percent causing huge distress not only in the tourism sector but in other economic se...
8 Meat sellers booked for violating norms under FSS Act in Srinagar

8 Meat sellers booked for violating norms under FSS Act in Srinagar

BUSINESS
The authorities on Monday booked at least eight butchers for violating sanitary and hygienic requirements of Food Safety and Standards Act in Srinagar. An official told Kashmir News Service (KNS) that on the directions of Divisional Commissioner Kashmir, a special drive to check quality of meat and hygiene of Butcher shops was conducted by joint team comprising the Food safety Officers, Assistant Veterinary Surgeons form the department of Sheep Husbandry and the officers of legal Metrology under the supervision of Assistant Commissioner Food Safety Srinagar. He said that during this drive 8 butchers were found violating sanitary & hygienic requirements of Food safety & Standards Act and cases against them shall be filed in the competent court within shortest possible time. ...