When the world is grappling with disastrous economic repercussions of the Covid-19 lockdowns, Jammu and Kashmir holds no exception to it. The erstwhile state of J&K had already faced the brunt of political disturbances but what Covid has done is absolutely catastrophic.
The real estate, trading and construction business have seen a considerable decline over the past two years in J&K. Even the consumption rates of finished goods have plummeted to lower scales suggesting that the economic regression is affecting vigorously.
This too needs to be clarified that such low trends are not a result of a wobbling economy or due to inflation, but rather the pandemic has even affected our trade and already slowed down economy.
Such economical trends have shown a rise in bad loans and NPAs wherein the beneficiaries have become literally bankrupt due to the prevailing conditions. The most affected sector of J&K is nonetheless transporters who have witnessed various economic backlashes for decades. Pertinently, many of these transporters have taken loans against their vehicles which is now acting heavy fetters on their bodies.
The same story is of entrepreneurs, SSI unit holders and MSME owners who started their enterprises with much hope but the tide of the situation wreaked havoc on them.
The government holds a moral and economic incumbency towards such sections in our system wherein they must be supported in an apposite manner so that their eminent collapse is avoided. The government must come up with some waivers and remissions in order to save the people associated with these sectors. This will eventually also prove beneficial in regards with stabilising the already volatile economy.
