COVID impact: Valley markets open to lukewarm response amid cash crunch

M Aamir Khan

Tribune News Service

Srinagar, June 20

Even as markets have remained open for the past one week after the relaxation in Covid-19 lockdown, the traders are complaining of depressed sales. They say there is “cash crunch” in the markets and residents are only buying essentials.

“Last Saturday, we reopened after 85 days and were expecting that there will be a heavy rush of customers. Unfortunately, we are doing no business as there is a cash crunch in the market,” Kashmir Economic Alliance (KEA) vice-chairman Aijaz Shahdhar told The Tribune.

“Businessmen have been sitting idle since August 5 last year and there have been massive job and pay cuts in the private sector this year. They have no money for shopping. Most of the people are buying essential items only,” said Shahdhar.

As per the KEA estimates, Covid-19 lockdown has already dented the Valley’s economy by over Rs 8,416 crore.

Earlier, the Kashmir Chamber of Commerce and Industries (KCC&I) had pegged losses at Rs 17, 878 crore in the first 120 days after August 5, 2019 when Article 370 was abrogated.

Munib Bhat (name changed), who works in the hospitality sector, said they were without salaries for the past two months. Bhat said he, just like other lockdown affected people, had put shopping on hold.

“We have not received salaries for the past two months and countless people have lost jobs. Kashmiris have lost jobs abroad too and are now returning. I wanted to buy a new television but how can I buy when there is no salary. I have many friends and relatives who are also complaining of financial troubles. They too have put shopping on hold,” he said.

While traders’ bodies and political parties of the Valley have already urged the government to announce a special economic package, Shahdhar said the authorities could start with waiving off electricity fee and interest on loans during the lockdown period.

“We do not know if any package will be announced or not but the KEA has already appealed the government to waive off electricity fee for the lockdown period. We also want interest waiver during the lockdown period for business loans,” said Shahdhar.