In terms of its tax payments, people of J&K are therefore paying proportionally better than economically most vibrant states of India. This is despite J&K falling in the bottom 20 percentile states in terms of the per capita income
Measuring from a wider time frame i.e. from 1996 till 2019, JK’s per capita income has grown at an average of around 3.38% compared to an impressive all India average of 5.41%. Which implies that in real terms (adjusted for inflation), nationally the income is doubled every 13.30 years, while in case of J&K it takes around 21.30 years for the same.
Given the involvement of some very powerful and comparatively competent bureaucratic offices from both centre and the UT and the amount of time it took to come up with a tangible policy; the expectation was something of the scale of industrial reforms encompassing the entire industrial ecosystem
Logically, the situation of unemployment arises when the number of available manpower exceeds the volume of jobs available in the market. However, the same economy paradoxically, provides secure stable and consistently growing livelihood to lakhs of migrant labor force with fair amount of efficiency.
Fourth industrial revolution provides us with one such unique opportunity. We are at the crossroads and the collective set of decisions as policy makers and as entrepreneurs we take will determine the shape of our future trajectory.
Despite losing almost an entire decade in the last three decades to this never ending political turmoil, the statistics of the formal economy have surprisingly beaten some of the comparatively peaceful and economically diverse states of India with fair margins.
J&K’s GSDP as per conservative estimates contracted by over 25% in the last 13 months. Compare this colossal contraction to the microscopic relief package, which is just 0.74% of the UT’s GSDP.
The only viable option left with the states is to invoke the federal financial guarantee from the Union of India and seek solutions from the north block rather than trying to find costly and ineffective answers from within.
Except two sectors, Govt sector comprising of around 4.5 Lakh govt employees who draw home around Rs. 37,000 Crore annually in terms of salaries and pensions and a mutedly impacted agrarian sector; the distribution of these job losses is holistic
Government’s loan bonanza is falling woefully short. The economic catastrophe is wreaking havoc with lakhs of job losses, businesses closing down amid rampant bank defaults and average households finding it excruciatingly hard to make the ends meet.
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