Eid sales drop by 50 percent in Kashmir, says KCCI
Inflation, losses sustained by horticulture reason for sluggish sales
Srinagar, Jun 28 (KNO): Markets in Kashmir witnessed only 50 percent sales compared to previous years ahead on Eid-ul-Adha.
Speaking to the news agency—Kashmir News Observer (KNO), Kashmir Chamber of Commerce and Industries (KCCI) president Javid Ahmad said they do not have a precise percentage of loss but there was a 50 percent decline in sales.
“We cannot be sure about the exact percentage of loss on Eid ul Adha but the difference is more than 50 percent from the previous year. As compared to the previous Eid, Kashmir recorded a minimum of 50 percent loss,” he said.
He cited decline in sales of Kashmir handicrafts market and losses sustained by the horticulture sector last year for the slump on Eid.
He said that inflation in the business across the world is the reason for sluggish business.
“We are sure about the 50 percent of loss because the horticulture sector didn’t get the money as per the market rates last year,” he said.
The chamber president added that horticulture is a big sector worth Rs 9000 crores with thousands of families involved. But fruit growers did not meet their demands.”
He also said that the handicraft sector saw slump in turnover from Rs 2500crore to 500-600 crore.
“If we talk about tourism, it is going well, but it cannot heal the loss all alone,” he said.
Tenga said that KCCI was optimistic to get better sales and market in the coming months. “We have given all the suggestions to the government. Till the time our demands are fulfilled, we are doing all that we can to overcome the loss,” he said.
In the meantime, prominent industrialists, Shakeel Qalander said that the inflation on essential item and low earnings of business communities were some of the major reasons for low business this Eid.
He also agreed that it was more than 50 percent of loss in business on Eid—(KNO)