BUSINESS

Retail inflation jumped to a 15-month high of 7.44 per cent in July as prices of vegetables and other food items spiked, according to official data released on Monday. The Consumer Price Index (CPI) based inflation was at 4.87 in June and 6.71 per cent in July 2022. Previously, high inflation was recorded at 7.79 per cent in April 2022. The inflation in the food basket was 11.51 per cent in July compared to 4.55 per cent in June and 6.69 per cent in July 2022, as per the data. The retail inflation in vegetables year-on-year was 37.43 per cent while the rate of price rise in ‘cereals and products’ was 13 per cent, showing the data released by the National Statistical Office (NSO). (Agencies)

For the very first time, plums are being kept in cold storage units in Kashmir even as growers demand more cold storage units in the valley. Growers from different areas of Kashmir told news agency—Kashmir News Observer (KNO), that due to floods in different parts of India, they were unable to send their produce outside J&K. They said that plum has very little shelf life and gets damaged in just a week or two so there was no option for growers other than to keep them in cold storage units. Shahid Ahmad, a plum grower from Shopian told KNO that he had around 1000 crates of plum and bought more than 2000 crates more but due to continuous rains in North India, he wasn't in position to send his produce outside. “If there wouldn't have been cold storage units available, I would ...

Divisional Commissioner, Kashmir, Vijay Kumar Bidhuri on Saturday said there won't be any restrictions on the eve of Independence Day in Kashmir while the internet and facilities will also function smoothly. Addressing a news conference here at his office chamber, Bidhuri, as per the news agency—Kashmir News Observer (KNO) said that all the arrangements have been finalized to ensure smooth conduct of Independence Day. He added that the venue for the main event in Srinagar has been changed from Sk Stadium to Bakshi Stadium in wake of the space crunch as this year the administration is expecting a huge participation of people in the event. Bidhuri also invited people to attend the Tiranga rally tomorrow from Botanical garden at 6 AM in the morning and also appealed them to attend th...

The business community has urged the Jammu Kashmir Bank authorities to “modify” the recently-introduced One Time Settlement Scheme (OTS) and lifting of “riders” on it for those who have collateral security on their NPA turned loan accounts. Javed Ahmad Tenga, the president of the Kashmir Chamber of Commerce and Industry (KCC&I), told the news agency—Kashmir News Observer (KNO) that it has raised a few concerns with the J&K Bank regarding the recently-introduced OTS, saying that those who have collateral security with the bank but want to settle their outstanding have been made "ineligible" to use the scheme. “The recently-introduced OTS in not serving the purpose as again all are not able to avail the scheme despite their wish to liquidate their outstanding as a result of the...

The kitchen staple, tomato, could soon cost you Rs 300 per kilogram, according to wholesale traders. Kaushik, a member of Agricultural Produce Marketing Committee (APMC), said that vegetable wholesalers are facing losses as the sale of tomato, capsicum, and other seasonal vegetables has fallen drastically. He said that the prices of tomatoes have shot up to Rs 220 per kilo from Rs 160 per kilo in the wholesale market, owing to which retail prices can also go up. Meanwhile, Mother Dairy started selling the key kitchen staple at a whopping Rs 259 per kg on Wednesday via its Safal retail store. Tomato prices have been under pressure for more than a month now on account of supply disruptions caused due to heavy rainfall in the key producing regions. "There is a lot of difficulty in transp...

Union Minister Nityanand Rai informed Rajya Sabha on Wednesday that tourist arrivals in Jammu Kashmir have seen an unprecedented surge due to policy initiatives and increased infrastructure spending, with 1.88 crore tourists in 2022 (compared to 1.13 crore in 2021) and 1.10 crore tourists in the first half of 2023 (including 16,423 foreign visitors, which is approximately four times more than the previous corresponding figure). The Union minister in a written reply to a question said that the government has notified Jammu  Kashmir Tourism Policy, 2020 to promote investments in the tourism sector. The policy aims to make J&K most preferred all-season tourist destination for domestic and foreign tourists; to attract investment and to generate local employment, he said as per news a...

Despite the ban imposed by the Union government in 2019, e-cigarettes continue to be sold on e-commerce sites, even to children below 18 in Kashmir. To curb this violation, the Health Ministry launched an online portal to facilitate reporting of violations under the Prohibition of Electronic Cigarettes (Production, Manufacture, Import, Export, Transport, Sale, Distribution, Storage and Advertisement) Act (PECA). The health officials told the news agency—Kashmir News Observer (KNO) that despite the ban, there are reports that the sale of e-cigarettes is being done through e-commerce sites. They said the sales are being done at some stores as well. An official said the government has been working hard to completely block the sale of e-cigarettes and several steps are being taken in ...

Kashmir’s centuries-old “namda” (wollen felt rug) craft is back from the brink of extinction. Powering the revival of the once-dying art are more than 2,200 artisans from the Valley, mainly girls, who this week dispatched the first batch of an export consignment worth $1.5 lakh received from the UK, Japan, Holland and Germany Tribune reported. This is the first export for J&K-made namdas in over 25 years. The turnaround happened after the artisans underwent training as part of the Centre’s special pilot project to save the art that dates back to the 11th century. The project, launched by Minister of State for Skill Development Rajeev Chandrasekhar in November 2021, has so far certified 2,212 namda craft makers across six clusters -- Srinagar, Baramulla, Ganderbal, Bandipora, B...

International Trade Union Confederation has issued a condolence note expressing sorrow over the passing away of Kashmiri activist Sampat Prakash in Srinagar. Sampat, 86, passed away in Srinagar on Thursday after he suffered a cardiac arrest. In a press release, Shoya Yoshida, the General Secretary of International Trade Union Confederation (ITUC) said, "I offer my heartfelt condolences on the demise of Mr. Sampat Prakash. He was a true champion of the trade union movement, a key figure in the Hind Mazdoor Sabha, and a dedicated advocate for communal harmony. Hailing from the beautiful land of Kashmir, Sampat Prakash carried the spirit of his homeland in his tireless efforts to uplift the working class and foster unity among diverse communities." The press release further said that...

After a gap of eight years, state-run Oil Marketing Companies (OMC) have decided to open over 650 fuel stations across the union territories of Jammu –Kashmir and Ladakh. Officials told news agency—Kashmir News Observer (KNO), the OMC’s including Indian Oil Corporation Limited (IOC), Bharat Petroleum Corporation Limited (BPCL) and Hindustan Petroleum Corporation Limited (HPCL) has invited applications from the citizens for participating in bid for fuel stations at rural and urban pockets of J&K and Ladakh covering new highways, unexplored tourist destinations etc. “To speed-up the development works and further accelerate the country's fast-growing economy, the decision was taken to open new fuel stations,” an official said. They added that bids have been invited to set up 643 ...