Market Round-up

World’s largest igloo cafe is now open in Gulmarg,

An igloo cafe, claimed to be the world’s largest, has come up at the famous ski-resort of Gulmarg in Jammu and Kashmir, and has become a centre of attraction for tourists.

With a height of 37.5 feet and a diameter of 44.5 feet, Syed Wasim Shah, the creator of the igloo and owner of Kolahoi Ski Resort Gulmarg, claimed it was the world’s largest cafe of its kind.

According to Shah he first saw this concept in Switzerland a few years back, where they have such hotels that come equipped with all modern facilities. He added that since Gulmarg sees a lot of snow, he thought why not start this concept here.

Shah stated that they created the cafe in two steps with a staircase. Around 40 people can eat there at a time. He also informed them that it took 64 days to complete it.

According to him the thickness of this igloo cafe is around 5 ft, and they are hopeful that it will stand there till March 15, after which they will close it for public.

The Jammu and Kashmir government has approved a project worth Rs146 crore to promote niche crops as unique heritage of the Union Territory, which will be implemented in the next five years.

“The project aims at diversifying and expanding the area of niche crops over an area of 11,100 hectare, thus ensuring livelihood security for 1,11,000 targeted beneficiaries with a revenue realisation of Rs2,238 crore,” Atal Dulloo, Additional Chief Secretary (ACS), Agriculture Production Department (APD), informed. He said the initiative will focus on increasing production, improving livelihoods and enhancing

In a major achievement for Kashmiri entrepreneurs, Srinagar-based logistics courier startup ‘FastBeetle’ has become the first company from Kashmir to feature in Shark Tank India, a major business reality TV series, and success- fully secure funding of Rs90 lakh, raising hopes that the three year old company was going to expand operations to other parts of the country.

“FastBeetle” is owned managed by two friends Sheikh Samiullah and Abid Rashid market accessibility. “This will be achieved through establishment of nurseries and seed villages, infrastructure development, and collaboration with various partners and stakeholders,” he added. which was initiated in October 2019 from the backstreets of Srinagar’s old city. The company works to connect the needs and requirements of both the producers as well as consumers with the acquisition in an economically effective undertaking.

J&K is home to a diverse range of niche crops, including saffron, kalazeera, kashmiri lal mirch, peanut, anardhana, bhaderwah rajmash, hill garlic, mushkbudhji (aromatic rice), red rice and shallot (pran). These crops are grown on 32,000 hectares, with a total annual production of 24,000 metric tonnes, making a substantial contribution of Rs945 crore to the Union Territory’s GDP.

The company provides inbound and outbound full-stack logistics services across 19,000 pin codes throughout India and overseas and works with over 800+ micro-entrepreneurs and SMEs, of which 60 per cent are run by women, helping drive entrepreneurship in the region and providing critical services in areas not serviced by larger companies.

In 2021, FastBeetle has become the first Kashmiri startup to raise US$100,000 in a pre-Series A funding round led by a clutch of angel investors including Sandeep Patel from Nepra, entrepreneurship evangelist Saurabh Mittal, Vikram Sanghvi, Rohit Qamra, and a few non-resident Kashmiris.

J&K first in country to issue QR-based labels for crafts

J&K Lt Governor Manoj Sinha recently launched QR code-based labels of 13 GI and non-GI registered crafts recently, terming the move as a landmark in preserving and promoting priceless artistic and cultural heritage of the Union Territory.

A GI (geographical indication) tag is officially assigned to certain products or crafts that are linked to a particular region to authenticate the origin and quality of such products or innovations.

The products for which the QR code-based labels were launched included Kashmir pashmina, Kashmir sozni, kani shawl, paper machie, khatamband, Kashmir walnut wood carving (GI-registered crafts), and namdah, crewel, chain-stitch, silverware, filigree, copperware and willow wicker (non-GI crafts).

Congratulating the artisan community, handicraft department and other stakeholders, the Lt Governor said the QR code labels will help to authenticate the origin and quality of the crafts, improve the quality assurance in both national and international markets and benefit craftsmen, traders and exporters.

Highlighting the need to make necessary interventions for brand positioning, Sinha said GI tag, QR code-based label and

J&K launches Rs879 cr Food Processing Project

The J&K government has launched an ambitious project targetted to revolutionise the food processing sector and transform the lives of farmers in the UT. The “UT Level Food Processing Programme for Develop- packaging would make the handicraft sector more productive, financially attractive and contribute to the growth of the handicraft industry and earnings of artisans. ment of Clusters for Specific Products of J&K” is a Rs879.75 crore initiative that aims to maximise farmer income and minimise post-harvest losses, an official statement said recently.

“This comprehensive project has been designed to increase the competitiveness of seven identified products across categories in terms of cost, quality, branding, and sustainability within five years. The government is investing in value addition, logistics, marketing and branding of various agricultural, horticultural and livestock products to achieve this goal,” it said.

The project will focus on developing 17 districts in J&K with establishment of processing and marketing infrastructure, providing growth and development opportunities to stakeholders, and facilitating suitable economies of scale in production and post-harvest activities.

The government has allocated a budget of Rs879.75 crore for the project including a grant-in-aid of Rs293.25 crore (33.33 per cent) and a debtequity of Rs586.50 crore to be raised by entrepreneurs.

The project shall create 7030 direct jobs and lead to establishment of 34 enterprises with expected revenue generation to the tune of Rs1,436.04 crore every year.

Kashmir Traders seek extension of J&K Bank’s OTS scheme

Kashmir Traders Alliance (KTA) has asked J&K Bank to extend the timeframe of OTS2022 Scheme, lengthening the repayment time and making it applicable to all business loans, regardless of their size.

Ejaz Shahdhar, KTA President, in a statement said it was encouraging to note that J&K Bank had for the first time introduced a consistent and nondiscriminatory programme to settle NPA accounts.

However, it was regretted that the affected businesses could not benefit from the scheme due to various reasons including inability to secure the required resources within the allotted time frame.

Shahdhar said that the businesses in Kashmir were victims of events beyond their control, they should not be considered willful defaulters and their accounts were classified as NPAs.

He claimed that the account holders’ poor asset quality was mostly driven by frequent business interruptions, which burdened companies with idle setup expenses, which had a negative impact on their viability and stressed their accounts, leading to resulting in NPA.

High-speed 5G services now available in Jammu & Kashmir

Airtel and Reliance Jio have recently launched 5G services in Jammu & Kashmir. This cutting-edge technology represents a major opportunity for young entrepreneurs to create new products and services, thus making the region an attractive destination for investment. The introduction of 5G networks has the potential to revolutionise the tourism industry by offering virtual tours, on-site experiences via apps, and highdefinition content for tourist sites. The immense potential of 5G technology calls for all departments to strategise and ensure optimal utilization of this technology on every front, which can ultimately help in boosting the economy of J&K.

Kindling the vegetable revolution: J&K goes the hi-tech way

A major change is brewing in the Vegetable sector of Jammu and Kashmir through precision farming intervention which will double the gross output of vegetables from Rs3,982.50 crores to Rs8,021.25 crores per year.

“The intervention which shall be carried out over the next five years by the Agriculture Production Department (APD), shall involve a project cost of Rs420 crores,” said, Atal Dulloo, Additional Chief Secretary (ACS), APD.

Discovery of lithium in J&K to help India’s EV push

Presently, demand for vegetables in J&K is met by both domestic vegetable production to the tune of 19,91.25 thousand metric tons worth Rs3,982.50 crores and imports of another 318.26 metric thousand tons valued at Rs636.52 crores annually. The project undertakes intensifying vegetable cultivation through design, manufacturing and establishment of new and improved region-specific-tech structures with automation.

Under the project, 1100 Hi-Tech protected structures over an area of 55 hectares will be established to produce 59.40 thousand metric tons of high-value & exotic vegetables valued at Rs409 crores. To overcome dearth or non-availability of high-quality planting material, low cost protected structures in the form of 3,584 polyhouses over another 55 hectares will be established complementing vegetable nursery production to capitalizing the early vegetable growing season and enhancing cropping intensity.

The project shall create around 4,700 enterprises and provide gainful year-round employment for 47,250 persons.

JK Bank’s Q3 net profit up 79% to Rs311.59 crore

Jammu and Kashmir Bank on Monday said its December quarter net profit rose 79 per cent to Rs311.59 crore.

The net profit rose to Rs 311.59 crore as against Rs173.95 crore registered for the same period last fiscal, a bank spokesperson said during its December quarter results announcement.

The bank was well on its trajectory to meet annual profitability targets, the spokesperson added.

“The bank’s profit for nine months is up 85 per cent to Rs721.05 crore from

The government has announced the discovery of estimated 5.9 million tonne reserves of lithium in J&K, a rare element crucial for manufacturing electric vehicles. Lithium is a key component in rechargeable batteries that power numerous gadgets like smartphones and laptops, as well as electric cars. Experts say that the discovery could aid India’s push to increase the number of private electric cars by 30% by 2030, as part of efforts to cut carbon emissions to tackle global warming.

The Geological Survey of India found the lithium reserves in the Salal-Haimana area of Reasi district in Jammu and Kashmir, India’s Ministry of Mines said. In 2021, much smaller deposits of lithium were found in the southern state of Karnataka.

Earlier, the government had said that it was looking to improve its supply of rare metals needed to boost new technologies and was looking for sources in India and abroad. Currently, India is importdependent for many minerals like lithium, nickel and cobalt.

Rs389.36 crore clocked during nine months of the last fiscal,” he said.

Its Net Interest Income (NII) increased 27 per cent to Rs1,257.38 crore for the October-December quarter as compared to Rs993.30 crore reported previous year. It posted a growth of 19 per cent Year-on-Year (Y-o-Y) for nine months to Rs3,495.73 crore.

The bank’s operating profit grew 65 per cent Y-o-Y to Rs544.11 crore during the quarter under review.

Preparations in full swing for G20 meeting in Kashmir

Jammu and Kashmir administration is making “advance arrangements” as Srinagar city is likely to host one of the G20 events in May this year.

According to divisional commissioner Kashmir Pandurang Kundbarao Pole, the administration was sprucing up the city for the major event as it will go a long way in boosting tourism in Kashmir, while at the same time clearing the misgivings about the situation in the valley. “All major roads and areas are being repaired. We are currently going through winter months, there are some difficulties but we will be ready by the time the event is held,” he said. Development works are going on in full swing in Srinagar city with a focus on completing the drainage and road projects. Men and machinery have been put to work to remove the dust and mud that accumulates by the roadside during the winter and is usually removed in late April every year.

“The G20 includes almost 70 per cent of the world population as well as economically. Following the presidency of Indonesia last year, India assumed the G20 presidency for 2023 from December 1, 2022. India will host more than 200 meetings at over 50+ locations across the country throughout 2023.

JKTPO organises export awareness, capacity building workshop

Jammu and Kashmir Trade Promotion Organization (JKTPO) recently organized an export awareness workshop in association with Federation of Indian Export Organizations (FIEO) Directorate General of Foreign Trade (DGFT), Export Credit

Guarantee Corporation of India Ltd (ECGC), Department of Posts, Government of India, and State Bank of India (SBI) in Jammu.

The workshop aimed to boost and support exports from UT of J&K and with focus on developing each district as export hub under District as Export Hub/ ODOP initiatives. Niche products of Districts such as basmati, Fresh fruits, saffron, Pashmina , Basholi Paintings, Carpets, Paper machie , etc are prioritized in each district for further hard and soft interventions required at the ground level.

The workshop included detailed sessions on Benefits of exports, process of getting IEC code, awareness regarding India Business Portal and India Trade portal, credit linkages for exports and credit risk insurance facilities, e-commerce platforms, Logistics and potential of products of region in international market.

The participants were given the detailed presentations of all the major aspects related to exports, checklist for documents required to get IEC Code, market linkages including e-commerce linkages and benefits. Many queries were resolved on the spot and various participants intended to get registered with DGFT.

1,455 new industrial units start operations in J&K post 2019

Jammu & Kashmir is witnessing biggest industrial revolution in the history of UT as private investment proposals worth Rs66,000 crore have been received within a period of around one year as well as 1,455 industrial units have also started their operations. These remarkable developments have opened up doors of immense possibilities for the new generation as promised by Lieutenant Governors Administration, J&K administration said in a statement.

“The existing industrial landscape is being transformed into a futuristic, profitable and sustainable ecosystem, leading to livelihood generation, better education, skill development and better quality of life. From job creation to entrepreneurship, Government is going to make J&K a model of Industry 4.0, the Fourth Industrial Revolution,” official spokesman said.

“New Industrial Development Scheme, with an outlay of Rs28,400 crore, has been approved by the Government of India for encouraging investment in manufacturing and service sectors in J&K, which has started helping in stepping up economic development in Jammu & Kashmir,” he added.