Category: Business

  • Kashmir unrest: Many local start-ups shift outside state

    Srinagar: Amid the ongoing unrest in Kashmir, many young local entrepreneurs have temporarily shifted their operations to traditional start-up hubs such as Noida and Gurgaon.
    A 22-year-old entrepreneur running an advertising firm in Kashmir, has shifting to Delhi and switched over a new business line. “I took on rent some office space in Delhi though my business is partly operational in Srinagar with the help of managers operating during deal hours,” he said.
    “I have also some plans about interior designing business. I am managing manpower and will start my new venture in a couple of days,” he said.
    A 30-year-old entrepreneur, who had set-up a venture in 2012 providing services such as utility payments, air-ticketing, etc., from 1500 mobile kiosks across Kashmir has shifted back-end operations to Delhi NCR.
    “Being an online system, lack of mobile internet proved to be a hurdle for our franchisees so we moved to Delhi three months back,” the budding businessman said.

    “It was the internet blockade which forced me to shift base. The aim of my company is to reach people who don’t have access to technology. It is the communication gag which has forced me to leave Kashmir and be based in Delhi NCR,” he added.
    Another young entrepreneur from Shahr-e-Khaas, who sells Pashmina online is busy searching for office space in Delhi. “I was temporarily operating from a residential house in Delhi but will soon have an office,” he says.
    The shutting down of courier services and custom office in Kashmir for a long period proved to be a hurdle for exporters to run operations smoothly, he said.
    “I had some international orders which needed to be delivered. This could be made possible only once I operated from Delhi,” the entrepreneur said.
    An owner and founder of an e-commerce portal from Kashmir said that while procurement and processing of goods for his firm “are still happening from Kashmir but a new design centre of my firm is being set-up in Delhi”.
    He said being based in Delhi it was possible for him to deliver the export orders received prior to July 8.
    “We are setting up a new design centre in Delhi. I am among thousands of persons who wanted to do something and make a difference to the society. Everyone is bearing the brunt, so are the youngsters,” he said.
    The persons quoted in the storey wished not to be identified by name.

  • ‘Biotech Park will be a game changer for JK’

    Sajad Lone discusses range of development issues with Dr Jitendra

    Srinagar: Minister for Science & Technology, Sajad Gani Lone today discussed with Union Minister of State (Independent Charge) for Development of North Eastern Region, MoS PMO, Dr Jitendra Singh the Biotech Park project coming up near Kathua (J&K). The project shall be the first of its kind in the state.
    Lone discussed wide range of other issues pertaining to various development projects and new initiatives planned for the State, an official handout said.

    Dr Singh told Lone that the Biotech Park will be a game changer not only for Jammu & Kashmir “but for the entire northern part of the country.”
    He said this would be the first park of its kind in North India after the one that exists in Lucknow.
    Dr Singh said the approval for the project was given last year by the Union Ministry of Science & Technology and there was some hassle regarding the land clearance for which the Union Ministry of Environment was approached and guidelines were suitably modified. “As it is now, the project is through for construction at a budget of around Rs 100 crore in the first phase which is expected to be completed within 18 months, following which the park will become functional.”

    Lone assured the union minister full cooperation from Department of Science & Technology, J&K, and offered to coordinate with the Union Ministry of Science & Technology, Department of Biotechnology in completing the prestigious project. He said, he will personally monitor the project so that it gets completed in time.
    Appreciating Dr Singh for “getting the first-ever Biotech Park for the State, Lone said this will create not only a new era of development but will also prove to be an important source of revenue generation and employment generation in the state.”

  • J&K Bank MCLR, Overnight Rate Cut To 8.75%

    Srinagar: While revisiting its lending benchmark rate, J&K Bank has lowered its marginal cost of funds based lending rate (MCLR) across all maturities.

    The overnight MCLR has been set at 8.75%. This is the lowest rate in the industry. The new rates shall be effective from October 10.

    In order to facilitate monetary transmission and ensure that changes in lending rates are sensitive to movements in the policy rates, the RBI had introduced the MCLR as the benchmark for lending, instead of the base rate, from April 1.

    The cut in MCLR is going to benefit the borrowers as they shall be accessing the funds at reduced cost.

  • Jio Enrols 16 Million Subscribers in 26 Days, Creates World Record

    We are delighted and humbled by the overwhelming response across India to the Jio Welcome Offer. Jio is built to empower every Indian with the power of data… We are delighted that people have recognised this and are utilising our services to the fullest. We are customer-obsessed and committed to improve every day to exceed expectations of our customers
    Mukesh D Ambani, Chairman, Reliance Industries Limited

    “Jio has achieved this growth faster than any other telecom operator or start-up in the world, including the likes of Facebook, WhatsApp and Skype,” the statement said.

    Jio has introduced Aadhaar-based paperless Jio SIM activation across 3,100 cities and towns.

    “This enables the customer to complete the SIM activation process in a matter of minutes, with only his or her Aadhaar number,” the statement said.

    “This process will be extended across the country and fully stabilised for satisfactory on-boarding experience in the next few weeks,” it added. IANS

  • Altaf Bukhari appointed member Horticulture Board

    Srinagar: J&K Government Friday ordered that MLA Amira Kadal, Syed Altaf Bukhari shall replace Muhammad Khalil Bandh as member of the State Horticulture Board.
    GAD issued an order in this regard, an official handout said.

    The government also ordered that MLAs Shakti Raj, Rajeev Sharma, Rajiv Jasrotia and Shah Muhammad will also be members of the Board, which was reconstituted in August this year.
    The Board headed by Chief Minister Mehbooba Mufti and comprising MLAs, experts and officials from both Central and State Governments, will work for promotion of horticulture sector in JK, which is considered as backbone of Kashmir’s economy.

    “The Board will guide formulation of policies governing integrated development of horticulture industry in the state and identifying short-term and long-term strategies as per the policies,” it said.

  • Kashmir economy suffers Rs 10000-cr loss

    Transport sector worst-hit, 5000 vehicles lying defunct

    Srinagar: As Kashmir continues to remain in grip of protests, curfews, clashes and shutdowns for the past three months, its economy is consequently seeing the “worst-ever slump” with losses during this period accumulating to over Rs 10,000 crore, thus making the Valley-based traders and businessmen to be at the “receiving end” of the prevailing situation.
    Kashmir-based economists and traders’ bodies put the losses incurred by Kashmir’s economy at Rs 120 crore a day on an average, thus making the total losses incurred during the past 90 days to over Rs 10,000 crore.

    It all began with the killing of Hizbul Commander Burhan Wani in South Kashmir’s Anantnag (Islamabad) district on July 8 which subsequently led to massive protests during which 90 persons were killed in forces’ action. The civilian killings and massive repression on people by forces made the Valley’s joint resistance leadership to come out with protest calendars that called for continued shutdowns and marches to various places which were foiled by forces with massive force and curfews. This consequently hit the businesses in Kashmir.
    While the resistance leadership called for ‘evening relaxation’ in shutdowns in its protest calendars, the overall economy continued to take a hit as, apart from grocery outlets, major business establishment remained shut. Even days before Eid-ul-Adha were marked by restrictions, shutdown and curfew.
    As per mutton dealers, the sale of sacrificial animals this year saw a decline by over 80 percent which is unprecedented in Kashmir. Besides, more than 5000 marriage functions were cancelled that caused losses to these dealers.

    As per market observers, transport and tourism sectors have also been the worst-hit. The government estimates put the losses incurred by tourism sector at Rs 3000 crore, while the transport sector is in suspension mode ever since July 9.
    “Mostly people in Kashmir used to stock eatables by going for purchases in the morning hours when there was no protests and absence of forces on roads which allowed vegetable vendors and ‘kiryana’ shops to operate. Apart from this, there was no business activity since the eruption of uprising on July 9,” said President of Kashmir Chamber of Commerce and Industry, Mushtaq Ahmad Wani. “Kashmir‘s business community, be it big dealers or small-time vendors have shown resilience. We are witnessing the worst-ever slump but notwithstanding that, the business community is showing unflinching support to the Kashmir cause. There is no end to atrocities which is aggravating agonies of the people.”
    While trade and commerce has been hit, Kashmir’s mainstay of economy, the horticulture, is also facing the brunt.
    “Restrictions have crippled the horticulture sector and caused losses to it as growers and dealers are finding it difficult to export their produce to outside markets,” said Chairman of All Kashmir Valley Fruit Growers-cum-Dealers’ Union, Bashir Ahmad Basheer.
    However he said the “only positive thing” during the past 90 days has been the “local produce of vegetables that proved self-sufficient to meet local demands.”
    While summing up the plight of the business community during the past 90 days, Chairman of Kashmir Economic Alliance, Muhammad Yaseen Khan, said: “Kashmiri people are facing the worst kind of atrocities which are unheard of.”
    “We (the business people) are part of the society, our kids are being maimed by pellets and bullets on the one hand while government is crushing our economy on the other,” he said. “Kashmir’s economy will remain vulnerable until the resolution of the Kashmir issue.”

    ‘TRANSPORT SECTOR WORST-HIT’
    Kashmir’s public transport sector has become a worst casualty of the prevailing situation in Kashmir, with transporters stating that over 5000 vehicles in the summer capital are non-functional for the past 90 days, causing huge losses to the sector.
    Since July 9, after the death of Hizb Commander Burhan Wani in an encounter in South Kashmir’s Anantnag district, public transport is completely off roads as a result of shutdown calls and restrictions imposed by the government.
    This reporter visited the Batmalloo Bus Stand which is today desolate. Talking to transporters who sit idle there, they expressed their concern over non-operation of their vehicles and the losses incurred by them.
    “My vehicle is lying in my lawn since July 9 and its tyres are now covered with grass as I have not even started it since then,” said Pervaiz Ahmad, a public bus driver. “Neither am I able to meet my family expenses nor pay the EMIs of my vehicle which is a cause of stress for me.”
    Ahmad’s colleague Mushtaq Ahmad said other segments of the economy have been able to do some sort of business during the relaxation hours, but “ the transport sector has suffered badly.”
    “Transport sector is worst affected, although losses have been recorded by all sectors. Transporters have not been able to operate even during relaxation period announced by separatists which is hurting us badly,” said Chairman of All Kashmir Passenger Mini-Bus Federation, Sheikh Muhammad Yusuf.
    He said there are around 5000 public transport vehicles lying defunct since July 9. “Despite not being able to earn anything, the transporters have to pay their taxes and EMIs,” he said. “We are not earning, but our bank interests are accumulating with each passing day. Besides, there are insurance premiums, passenger taxes, token fee which are to be paid anyhow,” he said.
    However, he said “we are a part of the ongoing movement and are thus backing the programs of the resistance leadership.”
    “Despite the losses, we are fully endorsing the resistance leaders’ calls so that the Kashmir issue is resolved once for all and our future generations don’t suffer,” he said. (GK)

  • JK Bank officers’ fraternity organizes farewell party for outgoing chairman

    Parvez Ahmed praises Mushtaq Ahmad’s leadership qualities

    Srinagar: J&K Bank officers posted at Corporate Headquarters today organized a farewell party for its out-going Chairman and CEO Mushtaq Ahmad, who will complete his term on October 5, 2016.
    The party was attended by the in-coming Chairman and CEO Parvez Ahmad along with Executive Presidents Abdul Rauf, S S Sehgal and Vagish Chander.
    Speaking on the occasion, the in-coming Chairman Parvez Ahmad paid glorious tributes to Mushtaq Ahmad for his leadership and guidance that oversaw many of the great achievements of the bank during last many years.
    He said, “In growth and development of J&K Bank as an institution, the role played by Mushtaq Ahmad has been remarkable. He has been the essential part of the evolution of this bank from an unfamiliar organisation to one of the premiere institutions of the country. It is under his guidance, the bank achieved the business target of one lac crore during its platinum Jubilee year besides many other milestones.”
    “I have personally learned a lot from his nuanced understanding of banking and the consequent processes of his decision-making”, he added.
    Parvez Ahmad also highlighted deteriorating assets and weekend balance sheet of the bank.
    However he committed to improve the asset quality of the bank and also make the balance sheet strong.
    The outgoing chairman & CEO Mushtaq Ahmad in his address said, “I feel delighted today to have been able to pass on the baton of leadership to someone from within the bank’s family as I had desired while taking the charge six years ago here at the same place.”
    “And I am sure that the Parvez Ahmad will hold this sacred trust dear to his heart and build over the legacy and achieve higher goals for the bank in future”, he added.
    While expressing his concerns over the conditions of banking industry in general and the state in particular, Mushtaq Ahmad sounded a note of optimism, saying, “Amid all these conditions what reassures me is the resilience in character and the firmness in foundations of this institution besides the tested loyalty of our customers and continued support of our major stake holder i.e. state government.”
    However, all this confidence about the future of the bank is entirely premised upon my trust in the most valuable human resource of over 11000 employees of this institution, whose dedication remains unparalleled and unquestioned”, he added.
    Further, he thanked all the staff members for their cooperation and generous affection.
    Meanwhile the bank’s senior Presidents, S K Bhat & Mohammad Syed Wani, President, Vice-presidents/ zonal heads (Kashmir) and other senior officers were also present on the occasion.

  • Kashmir unrest: Developmental works come to halt, engineers take rest

    Sources said while the engineers working in Power Development Department make sure to attend offices, “their counterparts in PWD, R&B, Flood Control and PHE are sitting idle.”

    Unrest in Kashmir has brought to halt the developmental projects in the Valley. Sources said the engineers and technocrats working in various works divisions in Kashmir have virtually become “idle.”
    Unable to perform any work, according to sources many of the engineers in Public Works Department, Roads and Building Department, Flood Control and PHE “have either gone outside the state along with their families to ‘enjoy vacation’ or prefer to stay at home.”

    “Since July, no work on any developmental project has been carried out. The construction of bridges, macadamization of roads, etc., in Kashmir has come to halt in the wake of civilian killings,” sources said.
    “Attendance in various wings of the PWD is appalling,” sources said.
    Sources said while the engineers working in Power Development Department make sure to attend offices, “their counterparts in PWD, R&B, Flood Control and PHE are sitting idle.”

    Sources said the engineers of these departments could have utilized the services of self-help-groups to possibly complete the pending projects.
    To mention, several key developmental projects in Kashmir especially in Srinagar including the vital Jehangir Chowk-Rambagh flyover are facing delays and missing deadlines in view of the prevailing situation.
    Similarly, construction of Jehangir Chowk-Rambagh flyover and expressway corridor in Srinagar city has been abandoned as more than 600 skilled, semi-skilled labourers from outside the state left for their homes leaving the worksites.
    Economist, Professor Nisar Ali said, “The state wage bill is Rs 27,000 crore a year, of which Rs 14000 crore is paid in Kashmir alone. If we calculate it, government paid around Rs 2000 crore ‘free salary’ without any work and contribution of majority of state employees,” he said.
    A senior engineer in Roads and Building department said that the government “has now ordered that salary of only those employees be released who attend their duties.”
    Minister for Roads and Buildings, A R Veeri said the work on developmental projects will resume soon. “Government will ensure that the projects are completed on time and there will be complete accountability,” he said.

  • Reliance Jio gets special award for HR impact in people practices

    The Society for Human Resource Management (SHRM) has conferred Reliance Jio with a Special Award for HR Impact in People Practices.
    Reliance Jio was rewarded for creating and launching Jio services across 18,000 cities and towns and more than 200,000 villages through a network of 1,215 offices and a formidable team of over 60,000 employees across India.
    “As one of India’s youngest start-ups, the average age at Reliance Jio is 30 years, making Reliance Jio an organisation of the young, by the young, and for the young,” said a statement.
    It said that the HR team has created an ecosystem across India, where the company has more than 500,000 partners, and considers them part of the Jio family.
    Together with all partners, the Jio family is nearly 5,000,000-strong.
    SHRM India is a part of the world’s largest professional, not-for-profit Human Resource association, SHRM -The Society for Human Resource Management.

     

  • J&K Bank Inaugurates New Branch Premises at Katra

    Srinagar: J&K Bank commissioned a new state-of-the-art premises of its Business Unit Niharika in Katra amid gathering of valuable customers, senior citizens and local residents of the area.

    The new premises was inaugurated by CEO Shri Mata Vaishno Devi Shrine Board Ajit Kumar Sahu (IAS) in presence of the bank’s Zonal Head Ashutosh Sareen, Cluster Head Reasi Vibhakar Khajuria, Head Business Unit Niharika, Ashish Mahajan and other officials from shrine board and the bank, a company statement said on Monday evening.

    Satisfied over the services provided at the branch, CEO Ajit Kumar expressed hope that the new premises would enhance access and improve services of the bank further.

    Speaking on the occasion, Zonal Head said, “As a responsible institution, we remain committed to provide accessible and high-tech banking facilities to the people in general and our customers in particular.”