Srinagar: Every summer Altaf Ahmad 35, a small timber trader from north Kashmir Baramulla district used to be busy with his timber business, but this year instead of attending to customers at his unit, Altaf spends his day playing cricket in his village outskirts. The war in far-off lands has affected his business badly.
The prices of KD Wood mostly imported from Russia and Ukraine have soared many times, while the supply had dwindled.
“The Russia-Ukraine war has badly hit our timber business in Kashmir. This is the construction season here, we were expecting our business will double as there was lockdown from the past two seasons because of Covid19, but due to the war we are on the verge of complete breakdown this season too,” said Altaf Ahmad.
Altaf believes that their business is at a halt not only because of less supply of timber but also due to the less demand due to price rises as customers are reluctant to purchase at higher rates.
“There is the increase of 20% to 50% in the rates that has abruptly brought down the demand because customers are unable to purchase on such higher rates. We used to earn a good profit, but are presently on destruction mode where survival seems very much difficult,” said Altaf
Russia is one of the highest timber suppliers in the world and ranks as the seventh biggest exporter of forest products worldwide, which accounts for 22% of the global trade. And it clearly shows that the global market will continuously impact as long the Russia-Ukraine war continues. A country like China, which is in support of Russia in the conflict, has also been affected by limited trade sanctions as it depends on the import of timber, logs, and wood chips even for their domestic use.
Halted construction work
For Sajad, who was planning to complete the pending works of his newly built house and get married next year, the Russia- Ukraine conflict has brought a tsunami of hopelessness because the sudden surge in the timber rates has halted his plans of construction work and marriage back home, he feels it is unbearable to bear all the expenses in such a tough situation where other commodities all already in the surge.
“The sudden increase in timber rates halted all my construction works because, I was expected to purchase timber say for example for Rs 1 lakh, now it will cost me Rs 1.5 lakhs an increase of fifty thousand. Now, I am too confused about whether to do it or not,” said Sajad Ahmad from the Bemina area of Srinagar.
Showkat Ahmad another timber trader from North Kashmir says Ukraine timber was mostly used in Kashmir for the past couple of years as compared to Russian and German timber because Ukraine timber was available at cheaper rates. With a war going on in Ukraine the demand for German and Russia will arise, but it’s going very much costlier for customers.
“People prefer Ukraine timber because it’s easily affordable for them in contrast with German and Russian timber due to its low cost. The war in Ukraine has put everyone both (buyer and seller) in a catch22 situation because one doesn’t know what’s going to happen next,” says Showkat Ahmad who deals with the timber business for the past decade.
Business Kashmir visited various units in central and north Kashmir among them was Changa Timber Gallery, Sopore.
“I am into this business for the last one year but, I think this kind of situation will only benefit those dealers who have piles of stock available in the stores because they can increase rates on that stock which they have purchased at low rates earlier and a trader like me will go more into loss due to these unprecedented rates who’s new into this business and has very much less stock available at times,” says Aijaz Ahmad Changa, a 30-year-old BCom graduate.
Kashmiri Timber Traders mostly purchase timber from Gujarat and in Gujarat, they directly import the timber from Russia, Ukraine, and Germany. Business Kashmir contacted Singla Timbers Private Limited one of the oldest timber factories in Mithirhar, Gandhidham Gujarat who are in this business since 1946.
“The whole world is witnessing inflation it will remain for some time maybe for another year and there is also less supply of timber from the last few months because of that we are witnessing an increase in the rates of timber,” says Pulkit Singla director Singla Timbers.
“Kashmiri traders prefer Ukraine timber because of low price, but at the same time Ukraine timber also differs in quality in comparison to others.”
He says the lack of local wood production forces people to buy imported wood.
“India only imports 2% of the world produced timber. The local timber in India is not of that quality and one has gone through a long process before getting its access. The forests are like agricultural fields for countries like Russia and Ukraine, they cut the trees and do the plantation of it again and again but, in India, that thing is lacking. It’s also because of the weather,” he said.
Altaf and other timber traders in Kashmir are now waiting and praying for the end of the war in Ukraine so that their business will see that charm again.
“I only want the war in Ukraine to end, so that our miseries will also end,” concluded Altaf.
Preparing the maiden budget for Jammu and Kashmir as the head of an elected government of a state downgraded to a UT and remaining under central rule without an elected government for more than seven years with overwhelming challenges was an arduous task for Chief Minister Omar Abdullah.
While his speech paints a hopeful picture of a “new and prosperous” J&K, a closer look reveals a delicate balancing act necessitated by fiscal realities and the people’s aspirations: high hopes with vivid memories of recent election promises.
As Omar Abdullah seeks to lay the foundation for ‘long-term growth, stability, and self-reliance’ of J&K, he has to walk a tightrope to keep the state’s mounting debt under control. However, his prudent management to keep the fiscal deficit under leash has come at a cost: a leaner budget. This year’s budget allocation of Rs 1.12 lakh crore is Rs 6080 crore or 5% less than last year’s budget announcement of Rs 1.18 lakh crore. The reduction in budget allocation, along with 4-5% inflation, raises concerns about the government’s ability to realise its ambitious development goals fully.
The CM’s speech, though, outlines a comprehensive vision, touching upon crucial sectors like rural development, agriculture, tourism, and industry. But translating these aspirations into tangible outcomes requires substantial financial investment. Moreover, the pervasive challenge of inflation adds another layer of complexity. Rising prices erode purchasing power, making it harder to stretch limited budgetary resources.
As Omar Abdullah seeks to lay the foundation for ‘long-term growth, stability, and self-reliance’ of J&K, he has to walk a tightrope to keep the state’s mounting debt under control. However, his prudent management to keep the fiscal deficit under leash has come at a cost: a leaner budget. This year’s budget allocation of Rs 1.12 lakh crore is Rs 6080 crore or 5% less than last year’s budget announcement of Rs 1.18 lakh crore.
The emphasis on fiscal prudence, curbing non-priority spending, and enhancing revenue collection is understandable, given J&K’s historical fiscal stress. However, austerity measures must be carefully calibrated to avoid stifling economic growth and hindering essential public services, especially when inflation is already squeezing household budgets.
The budget’s focus on digital governance and healthcare accessibility is welcome. Initiatives like the SEHAT app and the expansion of digital services have the potential to improve efficiency and transparency. Yet, the question remains: are the allocated funds sufficient to ensure the effective implementation of these programs, particularly when the real cost of implementation is escalating due to inflation?
The agricultural sector, a cornerstone of J&K’s economy, receives significant attention. The success of the Holistic Agriculture Development Program (HADP) will be crucial in boosting farmer incomes and creating employment opportunities. The allocation to HADP has been reduced Rs 800 crore from last year’s 1000 crore plus. However, the program’s impact will depend on the timely disbursement of funds and effective implementation, and whether the farmers can see real increases in their income, that outpace the rising cost of goods.
Similarly, the ambitious plans for tourism development require substantial investment in infrastructure and marketing. While the government’s efforts to promote offbeat destinations and sustainable tourism are laudable, the sector’s growth will depend on attracting private investment and addressing critical challenges like sustainability and waste management, while also dealing with rising operational costs due to inflation.
Some headline-making announcements like free rides for women in public transport and 200 free units of solarised power for AAY population fail to impress the general public. The argument is J&K has almost non-existent public transport. About 850 public buses with a passenger capacity of 35,000 people do not even suffice the transport needs of the 1% of the 1.2 crore population of J&K. The 200 e-buses for two metro capital cities, announced in last year’s budget, failed to take route. CM has repeated the announcement this year.
The government’s commitment to empowering MSMEs and startups is also noteworthy. However, ensuring access to finance and creating a conducive business environment will be essential for fostering entrepreneurship, and this becomes more difficult when inflation creates financial uncertainty. In last year’s budget, a good amount was announced under Youth Startup and Seed Capital Schemes but both schemes failed to take off.
Also, the budget is unable to address the burgeoning unemployment that, as per some private surveys, has reached 32%.
Whatever the allocations, the success of this budget will be now judged by its ability to deliver tangible benefits to the people of J&K. While the government’s efforts to reduce the fiscal deficit are commendable, it must also prioritize investments that will drive economic growth, create jobs, and improve the quality of life for all citizens, while also mitigating the effects of inflation.
The challenge lies in navigating fiscal constraints and inflationary pressures while maintaining momentum on the development path. This budget sets the stage for a critical year ahead, one that will test the Omar Abdullah government’s ability to balance its books and deliver on its promises, in a climate of rising prices.
Srinagar, Aug 21: Sher-e-Kashmir University of Agricultural Sciences and Technology of Kashmir is hosting a mega first-of-its-kind science summit ‘Kashmir Science Vision-2024’ on August 23-24 at Shalimar campus. The event is expected to bring together leading scientists, researchers, policymakers, entrepreneurs and scholars to discuss and develop science and technology policy for the sustainable future of Jammu and Kashmir with a focus on helping the UT to emerge as a model for Viksit Bharat@2047.
The Kashmir Science Vision Summit will feature a dynamic range of keynote lectures, panel discussions and brainstorming sessions.
These discussions will focus on key areas of regional development like Scientific Innovations & Entrepreneurial Opportunities for exploring how technology can be harnessed to drive socio-economic growth and create new business opportunities, Biomedical & New-Age Sciences for advancing healthcare through innovative medical sciences and improving health outcomes for the region’s residents. Food Security & Sustainability for promoting sustainable agricultural practices to ensure long-term food security and environmental health, Biodiversity Conservation & Disaster Management for developing strategies to protect the region’s unique ecosystems and mitigate the impact of natural disasters will also feature in the two-day summit.
The summit aims to foster collaboration among diverse stakeholders to ensure that scientific advancements translate into meaningful benefits for Jammu and Kashmir.
Vice Chancellor SKUAST-K Prof Nazir Ahmad Ganai said the summit will serve as a catalyst for the region’s sustainable development and strategic growth. “It will be remembered as the spark that ignited science and technology-led future-ready Jammu & Kashmir,” he added.
Pertinent to mention, SKUAST-K is a premier institution dedicated to advancing agricultural sciences and technology. With a commitment to innovation and excellence, the university plays a pivotal role in fostering sustainable development and technological progress in the region.
Srinagar:Lenskart, India’s leading eyewear brand, has forayed into the Kashmir valley with the opening of its first outlet at Regal Chowk in Srinagar city. This expansion marks a significant milestone for Lenskart as it continues its mission to provide vision correction solutions to every individual across the country and beyond.
With seven successful stores already established in J&K UT’s Jammu city and plans underway for another outlet in Sanat Nagar, Srinagar, Lenskart aims to extend its presence to every nook and corner of Srinagar city.
“We have plans to expand our reach into other districts of Kashmir soon, ensuring accessibility to quality eyewear products and services for all residents,” said Dr Mohammad Mutaher Zerger, who heads Lenskart’s Portfolio and Franchisee Business Divisions.
Dr Mutaher is a seasoned professional with extensive experience in franchise management. Having previously served at McDonald’s, the new head of franchise at Lenskart brings valuable expertise in expansion strategies and operational excellence. “We are dedicated to providing state-of-the-art sophistication in eyewear technology, coupled with unparalleled customer service,” he added.
Lenskart’s commitment to accessibility and affordability is reflected in its offerings, including the innovative Buy One Get One (BOGO) facility available at all Lenskart outlets and online. Additionally, the brand provides complimentary eye testing facilities, ensuring that customers receive comprehensive care tailored to their needs.
Lenskart Founder, Shark Piyush Bansal’s Vision is to give correction-less vision to the entire India.
In line with its dedication to innovation and excellence, Lenskart recently inaugurated a cutting-edge robotic factory in Bhiwandi, where lens production and fittings are carried out with precision and efficiency. This advanced facility underscores Lenskart’s commitment to leveraging technology to deliver superior-quality products to its customers.
With a network of 1800 stores across India and a growing presence in international markets such as Singapore, Saudi Arabia, Thailand, and the UAE, Lenskart is poised for further expansion into other countries in the Middle East and Asia-Pacific regions.
Lenskart’s entry into Kashmir signifies not only its commitment to providing vision correction solutions but also its dedication to empowering individuals with the gift of clear vision, enabling them to lead more fulfilling lives.