Suhail Bhat
SRINAGAR, Nov 22: Normalcy is gradually returning in Kashmir after over 4 months of unrest but there seems to be no relief to the agony of budding entrepreneurs and start-ups as the mounting interest rates and uncertainty is denting their business and psyche badly.
An overwhelming number of entrepreneurs’ who before the unrest had started their enterprises across Kashmir have been left idle and the mounting interests are forcing them to wind up their business units.
The State Government had launched several youth oriented schemes to promote entrepreneurship at Entrepreneurship Developmental Institute (EDI) located at Pampore but two militant attacks on the building this year and the ongoing unrest has badly hit the psyche of the youth who want to take entrepreneurship as a career.
Mehrul Maqbool, who had started her Tour and Travel agency six months ago in Srinagar, said the unrest has ruined her business and she was even unable to pay her electricity bills. “I have not paid my office rent for last five months, my interest rates are mounting and I have just received my electricity bills. Where will I get money from? My agency is shut for past five months and I have not earned a single penny. I am thinking to wind up my business,” she lamented.
She said her moratorium period has ended and every month she has to pay an interest of about Rs. 7000 per month. She further said she was not in a condition to pay interest as she had spent all the money on assets. “I have no money in hand as I have spent them on assets. Despite the ongoing unrest, the banks don’t forget to call. Initially, I did a business of over Rs one lakh but then internet was snapped and everything changed,” she added.
Director Entrepreneurship Development Institute, Mohammad Ismail Parray, said the unrest was traumatic for everybody but he was optimistic and feels adversity brings the best out of people. “What has happened cannot be averted but rather than weeping over it we can be resilient. As far as entrepreneurs are considered we are here for them and every possible help will be provided to them,” he said.
When asked whether they have any plans to compensate the budding entrepreneurs’, he said: “I cannot grant them amnesty and that is the call to be taken by the Government. I can understand what they must be going through and I can extend their moratorium to three months. They don’t need to worry at all.”
He said that their target this year was to help 4500 people to establish their enterprises and despite two militant attacks on the Entrepreneurship Building in February and October this year, they were very close to achieve it. “Right now, we are focusing on Jammu and Ladakh and once situation eases in Kashmir we will re-start”, he said.
The Director further said that despite the prevailing situation, the people were waiting in the Valley for their office to open and everyday scores of people visit their Kashmir office. “Footfalls have not decreased but frankly speaking we are avoiding people as situation doesn’t allow us to entertain people. Mind-set has not changed but dented slightly. So hope is still alive and kicking,” he added.
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