BUSINESS

Amidst the holy month of Ramadhan, the people across Kashmir have voiced concerns over the skyrocketing prices of essential items, particularly fruits, vegetables, and other daily necessities. Locals from various districts including Srinagar, Ganderbal, Bandipora, Pulwama, Anantnag, Shopian, Baramulla, and Kupwara expressed their concerns, stating, "Vegetables and fruits have become almost unaffordable for the common man. We urge the authorities, especially the Food and Safety Department, to form squads and conduct regular checks throughout the month of Ramadhan. Who is allowing the vendors to raise prices, and why there is no check at all which they claim have made staple items increasingly unaffordable for many, especially during the fasting month.” According to the news agency—Kas...

Prime Minister Narendra Modi on Monday said the World Bank has expressed confidence that India will continue to be the world’s fastest-growing economy in the coming years. He was speaking after inaugurating the mega ‘Invest Madhya Pradesh – Global Investors Summit-2025’ in Bhopal to showcase the state’s infinite possibilities for investors and industrialists. The World Bank had recently said in its Global Economic Prospects report that India will remain the fastest-growing major economy for the next two years. Modi also said the Deregulation Commission will help create an investment-friendly regulatory ecosystem in the states. India is emerging as the top supply chain for global aerospace firms, he said. Textile, tourism, and technology sectors will generate crores of jobs i...

Despite facing hurdles due to global conflicts, exports of Kashmir’s renowned handicrafts and handloom products have touched ₹2,567 crore over the past two and a half financial years. Officials anticipate the total exports to reach ₹3,000 crore by the end of the current fiscal year. According to figures from the Handicrafts and Handloom Department, shawls—including the celebrated Kani and Sozni varieties—have led the export market, generating ₹1,105 crore in revenue, while hand-knotted carpets have accounted for ₹728 crore. Other notable exports include crewel embroidery, papier mâché, chain stitch work, and wood carving. To support artisans and exporters, the government has introduced financial incentives, including a subsidy scheme that reimburses up to 10% of total export value, cappe...

Khyber Cement has once again reinforced its position as a leader in Jammu & Kashmir’s industrial sector by securing the prestigious ‘Most Impactful Cement Brand of Kashmir’ award at the Big Impact Awards 2025. The grand ceremony, hosted by BIG FM at Hotel Radisson Blu in Jammu, was graced by several distinguished guests, including J & K Chief Minister Omar Abdullah, alongside prominent industry figures and changemakers from diverse sectors. The award acknowledges Khyber Cement’s remarkable contributions since its establishment in 1983, recognizing its consistent delivery of high-quality cement and its unwavering dedication to the socio-economic development of the region. Over the years, the company has emerged as a pioneer in sustainability, community welfare, and innovation, re...

Jammu Kashmir Bank has been served a Goods and Services Tax (GST) demand notice by the Joint Commissioner of the Central GST Commissionerate, Jammu, amounting to approximately ₹8,130.66 crore. With additional penalties and interest, the total demand reaches nearly ₹16,000 crore—exceeding the bank’s market capitalization of ₹11,273.91 crore. Despite the significant amount, J&K Bank maintains that the notice will not materially impact its financials or operations. A senior bank official said that the dispute arises from the treatment of interest receivable under the Transfer Pricing Mechanism (TPM), which has been classified as a taxable financial service. Following the news, the bank’s share price dropped to an intraday low of ₹99.26 on the National Stock Exchange, a decline...

The Crime Branch of Jammu Kashmir Police on Friday arrested the main accused in a multi-crore loan scam in J&K Bank immediately after his bail application was denied by the court. The arrested individual, identified as Rohit Taroch, is a former employee of the BC Road branch of the bank in Jammu. He was terminated from service following the unearthing of a loan scam amounting to ₹1.44 crore, officials said. The arrest followed a written complaint from the then branch manager of the bank to the Crime Branch. It was alleged that between 2018 and 2019, 14 borrowers approached the bank for personal consumption loans (PCL) under the bank’s Sahulat and Saral scheme for government employees. The borrowers claimed to be employees of the military farmhouse in Jammu, administrative c...

Imported life-saving drugs, including those for cancer and chronic diseases, alongside high-end imported cars and motorcycles, are set to become cheaper following cuts in customs duties announced by Finance Minister Nirmala Sitharaman in the Union Budget for 2025-26. However, certain items like interactive flat-panel displays and knitted fabrics will see price hikes due to increased basic customs duties. Here’s the revised list of what will get costlier and cheaper: Cheaper: - Imported motorcycles (CBU) with engine capacity up to 1600cc - Motorcycles (SKD) with engine capacity up to 1600cc - Motorcycles (CKD) with engine capacity up to 1600cc - Imported motorcycles (CBU, SKD, and CKD) with engine capacity above 1600cc - Imported vehicles for the transport of 10 or m...

In a significant business development, JK Cement has acquired a 60% stake in Saifco Cements, a Srinagar-based cement manufacturer. The ₹174 crore deal, announced on January 26, 2025, marks a strategic move by JK Cement, headquartered in Kanpur, Uttar Pradesh, to expand its operations in Jammu Kashmir and strengthen its presence in Northern India. Saifco Cements operates an integrated cement facility in Khunmoh, Srinagar, spanning 54 acres. The plant has a clinker production capacity of 0.26 million tonnes per annum and a grinding capacity of 0.42 million tonnes per annum. It also has access to vast limestone reserves covering 144.25 hectares, with an estimated mineable reserve of 129 million tonnes. Valued at ₹290 crore, Saifco Cements provides JK Cement with an established produc...

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...