Jammu & Kashmir’s financial system on brink of collapse: Omar Abdullah


Picture Supply : PTI

Former J&Okay CM Omar Abdullah

Nationwide Convention (NC) vp Omar Abdullah on Monday mentioned the financial system of Jammu and Kashmir is on the “brink of collapse” as each sector within the union territory has suffered losses within the final two years. Addressing a gathering of the get together’s constituency in-charges of north Kashmir’s Baramulla District at get together headquarters Nawa-e-Subha right here, Abdullah expressed concern over “the hovering unemployment” in Jammu and Kashmir and the alleged rising incidents of suicide among the many youth.

“The financial system of J&Okay, it goes with out saying, is on the brink of collapse. There is no such thing as a sector of its financial system — be it tourism, horticulture, transport, or commerce — that hasn’t suffered losses up to now two years,” Abdullah mentioned. The NC chief mentioned the UT’s native financial system is already on its “deathbed” because of the ravaging deluge of 2014 adopted by demonetisation and the successive lockdowns.

“The collection of occurrences over time additionally had a backbreaking influence on the folks. The continuing disaster has diminished all hopes of financial revival. The not too long ago introduced financial package deal is inadequate to carry the ailing financial system of J&Okay again,” he mentioned.

Referring to the current circumstances of suicides within the valley, Abdullah mentioned the “elevated incidence” of suicides in Kashmir is a “bodily manifestation of the sordid anti-youth insurance policies’ of the federal government “pushing already aggrieved educated and expert youth in direction of the wall”.

“The successive clampdown and Covid-induced lockdowns have additional compounded the woes of J&Okay youth by choking the already constrained job sector. There are literally thousands of unemployed medics, paramedics, engineers, graduates and submit graduates ready for job openings,” he mentioned. “The scenario has grow to be a lot worse as the economic sector, which is meant to soak up the unemployed youths, continues to wrestle,” he added.

Abdullah mentioned what little alternatives have been supplied by native tourism, manufacturing, handicraft and transportation sectors, have additionally been “clogged by the predatory influence” of tumultuous conditions since August 2019 — when the Centre revoked Jammu and Kashmir’s particular standing — within the form of successive lockdowns and climate vagaries.

The NC chief additionally exhorted the get together functionaries to assist the efforts of the administration within the battle in opposition to Covid and requested them to assist folks in no matter means they might.

“We have not received the battle in opposition to Covid. We’re half means in direction of eliminating it. It requires strengthening of testing, tracing and remedy mechanisms. Stepping up of vaccination drives additionally holds the important thing in direction of enhancing the herd immunity. Administration is doing its greatest in combating the virus, rather a lot must be performed,” he mentioned.

“However folks can’t absolve themselves of their duties. The perfect the folks of J&Okay can do is to comply with the required Covid protocols, authorities advisories and shun vaccine inhibition. I hope the get together functionaries will take the lead in getting themselves and their households vaccinated,” he added.

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