Hope Union Budget addresses J&K’s rising unemployment rate: PHDCCI

Srinagar January 31:(KNS) Baldev Singh Raina Chair PHDCCI kashmir said, it is alarming as per CMIE report J&K is having 15% unemployment rate which is almost 3 times the national unemployment rate of country. We are very much hopeful that the upcoming Union Budget will address this burning issue of J&K. He further stated that the dangerous consequence of unemployment are cropping up as we are witnessing that unemployed youth remain alienated from their family and isolated from society which is leading to depression and drug addiction and even some of them are indulging in immoral activities. 

Baldev Singh further added that J&K is experiencing phenomenon of unemployed educated people, as there is a mismatch between the education being imparted and the need of the economy to sufficiently absorb the actual required Human Resource and that skill gap also needs to be addressed in consultation with stakeholders. 

The other issue that is directly affecting the livelihood of Kashmir is Horticulture industry for which we are expecting that government in upcoming budget will address the issue of homegrown apples that have been facing a stiff competition from duty-free apples being imported from Iran under the India-Afghanistan Free Trade Agreement. We are expecting government will impose non-tariff barriers to stop the import of Iranian apples.

The positive vibes that we are now observing are particularly the recent initiatives taken by the UT government by attracting investors on a larger scale around the globe with an expected investments in billion dollars that will definitely generate employment and economic development of region with a ray of hope for local unemployed youth. He further stated that PHDCCI wholeheartedly welcome these initiatives but simultaneously keeping in view the proposal and projects of local entrepreneurs and start-ups and scale-ups, that also needs to be listened carefully to their needs on priority and we expect government will encourage local investors by organising local diaspora investors meet within J&K that will create and help in Job creation to a larger extent.

Baldev further added that PHDCCI stipulate an assurance by government through Budget provisions or announcements offering an incentive/ subsidy to investors for employing local unemployed youth of J&K. As whole country has watched in past and recently also the Haryana and other states Maharashtra, Andhra Pradesh, Karnataka and Madhya Pradesh have tried to reserve private corporate jobs for locals. So there is need for such kind of arrangement for unemployed youth of J&K in all investment projects and infrastructure projects. (KNS) 

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