By Firdous Hassan
Srinagar: A few days ahead of Eid-ul-Fitr, the markets in Kashmir Valley are noticing the slump that, as per the traders, has set in due to the implementation of Goods and Services Act (GST) and economic meltdown post 2016.
“People don’t shop now like they used to do some years before. The GST broke the backbone of our business sector, as both imports and exports have fallen immensely. We have inputs from our members across the valley that their businesses have not seen much improvement ahead of Eid-ul-Fitr,” said President Kashmir Chamber of Commerce and Industries (KCCI), Javed Tenga, told The Kashmir Monitor.
Tenga said his handicraft business fell by “more than 70 per cent” in the last two years.
“I used to pay about Rs 3 crore to my artisans on Eid. But this time I only have Rs 30 lakh, implying that my artisans too will have to suffer.”
Jan Muhammad Kaul, a member of PHD Chamber of Commerce and Industries Kashmir, said the people currently have “no purchasing power” despite the decline in the prices of goods.
“We see that prices of vegetables and fruits have declined, which means that their demand is less. People actually have lost their purchasing power, as the businessmen are suffering and the employees are yet to get their salaries,” he said.
Kaul said the people were mostly purchasing food items.
