Local businesses thrive as peace returns to Kashmir Valley; UT awaits elections [Video]

Following a period of sustained peace in the Kashmir Valley, businesses are experiencing a notable surge in profits, marking a significant turnaround for the region’s economy. According to government reports, the Gross State Domestic Product (GSDP) of Jammu and Kashmir has doubled over the past four years, reaching over ₹2.25 lakh crore as of December 2023, up from ₹1 lakh crore in August 2019.

The Economic Survey 2022-23 projects a promising outlook, anticipating the GSDP to double again within the next five years, driven by a concerted focus on industries, tourism, and service sectors. Local businesses in Srinagar, particularly small enterprises, are reporting a substantial increase in sales, ranging from 60-70% over the past 3-4 years.

Attributing the economic upswing to various factors, including improved law and order, business owners underscored the positive impact of initiatives such as the G20 tourism track meetings and the government’s vigorous promotion of Kashmir …