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| Prosperity amidst turmoil | | Hundred crore Eid spending in Kashmir | | Early Times Special Correspondent
Jammu | Oct 13
Paradoxical though it may seem, but it is fact that amidst turmoil in Kashmir, the valley has witnessed economic prosperity. There is economic boon all round in Srinagar city and some other towns, although there is no dearth of people in remote and far off areas still leading a primitive and below poverty line life. Going by the advertisements appearing in the newspapers published from valley and even from Jammu vista of new business ventures and professional avenues are opening in Kashmir. Some multinational and big business houses in the country are opening their branches agencies or franchisee, in the valley.
The hustle and bustle and heavy rush of shoppers on the eve of Eid-ul-Fitr gives an insight into the purchasing power of the people. According to an estimate there is going to be a hundred crore spending in the valley on this Eid. With Friday remaining off day, with banks also closed and Eid expected to fall on Saturday, there was unprecedented rush in the branches of banks for three days, for withdrawal of cash, obviously meant for spending on Eid festivity. The people in valley are reported to have withdrawn a whooping amount of Rs 26 crores from 86 Automated Teller Machines (ATMs) of Jammu and Kashmir and HDFC banks alone. The withdrawal of cash from ATMs of some other banks is also reported to be to the tune of about Rs 10 lakhs. From the Jammu and Kashmir bank alone the ATM account holders from 86 branches have drawn Rs 24 crores during the three days preceding bank off day on Wednesday due to Shabe Qader, this was disclosed by the President Technology and Strategy Section of the bank, Manjoor Ahmed Shah. More than equal to this amount is also reported to have been withdrawn from the J&K bank branches during these days.
In the run up to Eid-ul-Fitr there is great hustle and bustle in the main markets of Srinagar as well as in other towns of the valley, with shoppers thronging readymade garment as well as drapers shops for purchase of new clothing. The stores selling shoes both for males and females are also witnessing heavy rush of customers. The electrical and other household gadgets, handicraft and handloom products store as well as those dealing with decoration articles are also having brisk business. Various stores have run short of the stokes and have ordered for fresh stocks from the manufacturers or wholesale dealers including from outside the state.
The items consumed on Eid day in households like grocery, bakery are being sold as hot cakes, in advance, fearing running short of the stokes in stores whereas thousands of sheep heads and chicks in lakhs have been imported by the wholesale dealers in mutton and chicken, consumed in tones in the households of Kashmiri Muslims on Eid day.
All this throws ample light on the economic prosperity witnessed by the upper as well as lower middle classes in Kashmir. With money being pumped in the valley, particularly during last 20 years of turmoil and spending in millions by the army and other security forces, who make purchases locally of the items of daily use as well as liberal funding from some foreign countries, to sustain militancy, a large number of people have made fortunes and free flow of money is in circulation, in turn leading to inflation and prices of essentials shooting up much more than what is witnessed in other part of the country. The release of 6% DA on basic salaries to the state government employees, announced as Eid gift, has added to the phenomenon.
The land and real estate prices have also witnessed exorbitant increase, despite uncertainly looming large and law and order conditions being abnormal leading to high level of mental stress and strain. During this period of turmoil a very large number of professional institutions in all the branches have been opened in the valley, whereas many prestigious institutions in the country and even those operated from abroad have setup their branches and franchisee in Kashmir valley. A good number of students from Kashmir are seeking admissions in institutes of higher learning in various parts of India as well as in western countries, the training course of which costs between Rs 20 to 50 lakhs each. For instance a franchisee of Australian Unified Pathway Programme (AUPP) setup in Jammu, for enrolling students to get higher training in Information Technology in Australia has enrolled three times more students from Kashmir valley than those from Jammu.
Still more paradoxically more female students from Kashmir are opting for and getting admissions for higher technical and professional courses like Information Technology, MBA, Hotel Management, Airhostess course, Company Management and other such courses available in far off states in the country as well as abroad than the girls from Jammu. It is notwithstanding Kashmiri Muslims being more orthodox as well as given to isolate. |
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