Covid-19 surge has just started reducing in Jammu & Kashmir like many states and union territories of the country but with the lifting of restrictions on normal activities the business operations won’t recover to the days of pre-covid normality in days and months but full restoration of the business operations would probably take 1-2 years from now if the covid situation reduces to the days of pre-covid normality in coming few months. Keeping in view the fact that from retail businesses to manufacturing operations the traders of all hues have suffered heavy losses in Jammu & Kashmir the Central Government in it’s this year budget has very rightly choosen not to increase the burden of taxes on people connected with the businesses of trade and industry in the country. By all standards of understandabilities more burdens of taxes would further complicate the journey of a full scale recovery of businesses of trade and industry in Jammu & Kashmir like many states and union territories of the country. What could further intensify the process of full scale restoration of the businesses of trade and industry in Jammu & Kashmir is the increasing focus of Jammu & Kashmir Government on new industrial investment policy launched for furthering the prospects of the expansion and extension of both conventional and non conventional trades and industries in Jammu & Kashmir. Jammu & Kashmir Government easing covid restrictions during two consecutive covid lockdowns in last two years surely reduced the intensity of losses in service sector business operations and consequently people in the business of trade and industry also did not suffer unbearable losses during two high intensity covid-19 waves in last three years of pandemic.
While the fact remains that surge in GST collections and tax revenues shows the local businesses in robust health but one can’t dispute the fact that paying GST dues and routine taxes is a compulsion for the people of different trades and Industries to continue their routine works in Jammu & Kashmir like their contemporaries in rest of rest of the country. What matters is the reducing investment capacity of the traders and industrialists to restore fully their business operations to the days of pre-covid normality. In this atmosphere of economic chaos and reducing pandemic intensity a financial package for the restoration of the local business operation is the only way to bail out the people of trade and industry in Jammu & Kashmir.
Though public perception in Jammu & Kashmir is that early hiccups witnessed during back to back two covid lockdown in last three years of pandemic had been largely overcome but it is also a fact that two successive covid lockdowns in last three years of pandemic have drastically reduced the investment capacity of the people to restore fully their business operations in short time. While the fact remains that surge in GST collections and tax revenues shows the local businesses in robust health but one can’t dispute the fact that paying GST dues and routine taxes is a compulsion for the people of different trades and Industries to continue their routine works in Jammu & Kashmir like their contemporaries in rest of rest of the country. What matters is the reducing investment capacity of the traders and industrialists to restore fully their business operations to the days of pre-covid normality. In this atmosphere of economic chaos and reducing pandemic intensity a financial package for the restoration of the local business operation is the only way to bail out the people of trade and industry in Jammu & Kashmir.
