Home / Knowledge / News / Textiles / Unrest in valley affects hosiery, carpets, handicrafts sector adversely
Unrest in valley affects hosiery, carpets, handicrafts sector adversely
14
Aug '08
The ongoing agitation in J&K region has hit its industry severely with its economy suffering cumulative losses of over Rs.1,500 crore in the last couple of weeks, according to estimates arrived at The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

In a statement, the ASSOCHAM President, Mr. Sajjan Jindal appealed to pall political parties including religious groups of all hue and cry to find an amicable solution to existing crisis so that normalcy is restored in the state and violence shunned, in the absence of which the industrial losses will mount manifold.

The worst hit industrial sectors include tourism, fruits, hosiery, carpets, handicrafts, dry fruits, tourism, forest based products and herbs and herbal products, said Mr. Jindal adding that in the last one and half months, the exports from the region has failed to meet its national and international commitments.

According to ASSOCHAM, the exports from the Jammu region suffered by minimum 30% in view of ongoing agitation on account of which movements of goods particularly fruit and other items have come to virtual halt.

The silk industry, handicraft industry, leather products, fruit juice concentration and processed food have also suffered enormously.

The ASSOCHAM Chief warned that if the agitation goes on, the economy of the Jammu & Kashmir will suffer major jolts as the investors that have committed over Rs.5000 crore worth of investment for fiscal 2008-09 would depart to other destinations in neighbouring states of Punjab, Haryana and Himachal Pradesh.

Mr. Jindal further said J&K has been offering boundless investment opportunities to prospective investors as its rich resources of water, agro forest, herbal and minerals etc. were being found of great use.

The state which was returned to normalcy with law and order situation well within the control of its administration had witnessed 10 times increase in investment proposals from around US$ 200 million in 2001 to more than US$ 2300 million in 2007.

As per forecast made by Chamber, this investment would multiply many times but agitation of this nature discourages investors and therefore, peace and tranquility must prevail in the entire J&K region to ensure that its industrial prospects are not derailed, said Mr. Jindal.

According to recent ASSOCHAM Study, Jammu & Kashmir otherwise was poised to attract fresh investments volume of Rs. 28,000 crore with export potential of around Rs. 13,000 crore by 2012 and create employment opportunities for 25 lakhs as also re-emerge as the best tourist destination.

But, the continuation of ongoing agitation seems to have marred the projections, pointed out the ASSOCHAM Chief.

As per estimates made by ASSOCHAM, the State of Jammu & Kashmir could be highly prospective in terms of fetching investments in areas such as Food Processing- agro-based industries, Floriculture, Handicrafts, Leather Processing and leather goods, besides Sports, Forest-based industry, Processing of aromatic plants and herbs, Pharmaceuticals based on herbs, Bulk drugs, Hosiery and made-ups.

Associated Chambers of Commerce and Industry of India

Must ReadView All

Textiles | On 22nd Apr 2017

Strong rupee & weak trade to affect textile exporters

Textile and apparel exporters' earnings and EBITDA margins will be...

Textiles | On 22nd Apr 2017

Myntra acquires InLogg

With an aim to strengthen supply chain and logistics, Flipkart-owned...

Textiles | On 22nd Apr 2017

Aditya Birla Group launches new variant Liva Crème

After its successful launch of high quality fabric Liva in 2015,...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search