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Economy

Crowdfunding for businesses in J&K

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Crowdfunding for businesses in J&K

Altaf Hussain Haji

Crowdfunding for businesses in J&KThe UT of Jammu and Kashmir has unique features and a strategic location that tells a story of various sectors for employment, development and wellbeing. The manufacturing and services sectors of Jammu and Kashmir suffered a lot due to a number of reasons in the last two decades and affected employment, development and wellbeing. As per current reports of Sustainable Development Goals (SDGs) of the government of India, unemployment increased and overall less development happened in Jammu and Kashmir.  At this movement, the government and other institutions need to think of an integrated approach in order to tackle the serious problems of unemployment, derailment from development and little attention towards various indicators of SDGs. The initiatives of the government must be speedy attention for trying to reduce unemployment through sustainable manufacturing and services sectors in Jammu and Kashmir.

The government is trying hard to create a secure environment for improving the manufacturing and services sectors in Jammu and Kashmir.  The current pandemic and instability derailed the institutions of government and non-government sectors and created a lot of problems of unemployment particularly in the service sector in Jammu and Kashmir in the last few years. There are only better hopes of employment in the service sector in Jammu and Kashmir due to the vast avenues of the tourism sector.  Further, a large number of small entrepreneurs and enterprises of manufacturing and services sectors in Jammu and Kashmir did not sustain due to the financing through various sources.

The lack of financing is the only reasons here behind the manufacturing and services sectors for their sustainability establishment in Jammu and Kashmir in the present scenario. It is to state here that state finance should also receive proper attention in order to ensure better fiscal and financial management for such small entrepreneurs and enterprises which played an important role in the business venture or economy of Jammu and Kashmir. A sound policy should be devised to exploit the potential in the sectors of strength. In a nutshell, sound policy and good governance can lead the UT of Jammu and Kashmir to a faster development path.

Also, efforts are needed for the development of infrastructure, generation of employment and alleviation of poverty to bring about the desired socio-economic development of Jammu and Kashmir.  There is also an urgent need to undertake an impact assessment study of the schemes implemented by the government on the socio-economic conditions of the people, particularly those belonging to the economy of various sectors.  On the other side crowdfunding, a new concept developed for new business ventures can be useful at this moment in Jammu and Kashmir

The concept of crowdfunding has become an increasingly popular way for individuals and businesses alike to raise much-needed capital for self-interest and employment generation for others. The financially sound persons may help to promote the business and generate employment for others.

There are different types of crowdfunding such as donation-based, reward-based, equity-based, debt-based and real estate-based crowdfunding. Donation-based crowdfunding is simply asking for a small donation from a large number of people to raise money for personal needs as well as community-based projects like raising money to cover medical expenses or an unexpected financial crisis or raising funds for local projects like a community garden or new park.  Reward-based crowdfunding is another common type of crowdfunding, typically used to raise funds for a new startup or organization. In equity-based crowdfunding, it is the best for small to medium-sized companies that are seeking a large amount of capital to launch or grow their business.

Debt-based crowdfunding is a fast and easy way for both individuals and businesses to raise the money they need. Debt-based crowdfunding works by collecting donations with the promise to pay them back at a later date and real estate crowdfunding is becoming more popular for investors recently who want to put their money in real estate, without the hassle of getting a traditional loan or the obligation of owning all of a single property.  Typically, an individual or a real estate company will collect funds from investors to pay for a large property, like an apartment building.

The financially sound persons of Jammu and Kashmir may help to use the concept of crowdfunding such as reward-based crowdfunding, equity-based crowdfunding, and debt-based crowdfunding for a new or existing business venture, employment generation and development of the economy of the UT.   One of the reasons that manufacturing or others sectors do not grow in Jammu and Kashmir is the lack of awareness of the concept of crowdfunding among business venture culture.

It is true that the rich people of Jammu and Kashmir did not donate to business ventures for self-benefits and help others. The financially sound persons in Jammu and Kashmir mostly keep their wealth held with themselves and do not think of using excess money as crowdfunding to benefit the future generation.  A successful crowdfunding round will give a startup more leverage to come up with better terms and conditions.  As crowdfunding becomes more popular and there is a growth of the number of platforms facilitating transactions, it is extremely important for the right ingredients needed to attract the maximum number of investors.

It is suggested to consider some important facts before crowdfunding for a startup project or new business venture.

Crowdfunding strategies

Strategic Use of Social Media:  It is a good idea to have a wide reach as possible through various modes of publicity including social media. This means picking the right networks to complement marketing and content strategy and ensuring that the right supporters are targeted.

Make and Use Video Clips:  The attractive professional video clips made properly can help potential donors to get a better idea of what is being pitched. A product or service can be seen in action rather than through a series of stills or a wordy brief.

Wait for the Right Time to Ask for Money: With the right enthusiasm and the story of the project presented, people will want to add support naturally. Make sure the backers know what they are supporting and what they can expect in return. Backers should be allowed to invest as little or as much as they want.

Build Interest: Before and during the campaign, it is necessary to generate interest in the business. A pre-existing fan base can help a campaign achieve a strong start. A blog, a documentary, or a social media presence can help generate this interest. The sharing ideas of project/business venture and get feedback and expert guidance on how to improve during crowdfunding.   The number of investors who can track the progress also may help you to promote your brand through their networks and become the most loyal customers through the financing process.

With interaction during conducting annual surveys of industries of National Statistical Office (NSO), Field Operations Division, some entrepreneurs and owners of enterprise of the manufacturing sector in Srinagar, there is a lot of requirements of crowdfunding at this movement in Jammu and Kashmir for the sustainable establishment, economic development and wellbeing of the society. The Good Samaritans of Jammu and Kashmir who are financially sound should come forward for help through crowdfunding particularly reward-based crowdfunding, equity-based crowdfunding and debt-based crowdfunding to save the economy and improve the wellbeing of the people of Jammu and Kashmir.

The new way happens only if the trust will be built among investors and loyal customers during crowdfunding.  Only Trust makes this concept in successes for the development and wellbeing of the people. At last, it is to say that crowdfunding must be appreciated for startups of new initiatives and ideas. The government should also recognize such initiatives and ideas for the betterment of the economy of Jammu and Kashmir.

Altaf Hussain Haji, ISS, is Deputy Director General National Statistical Office, Shimla. He can be contacted at altafhh@rediffmail.com

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Economy

SKUAST-K to hold mega Science Summit on Aug 23-24

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SKUAST-K Mega Science Summit

Srinagar, Aug 21: Sher-e-Kashmir University of Agricultural Sciences and Technology of Kashmir is hosting a mega first-of-its-kind science summit ‘Kashmir Science Vision-2024’ on August 23-24 at Shalimar campus. The event is expected to bring together leading scientists, researchers, policymakers, entrepreneurs and scholars to discuss and develop science and technology policy for the sustainable future of Jammu and Kashmir with a focus on helping the UT to emerge as a model for Viksit Bharat@2047.

The Kashmir Science Vision Summit will feature a dynamic range of keynote lectures, panel discussions and brainstorming sessions.

These discussions will focus on key areas of regional development like Scientific Innovations & Entrepreneurial Opportunities for exploring how technology can be harnessed to drive socio-economic growth and create new business opportunities, Biomedical & New-Age Sciences for advancing healthcare through innovative medical sciences and improving health outcomes for the region’s residents. Food Security & Sustainability for promoting sustainable agricultural practices to ensure long-term food security and environmental health, Biodiversity Conservation & Disaster Management for developing strategies to protect the region’s unique ecosystems and mitigate the impact of natural disasters will also feature in the two-day summit.

The summit aims to foster collaboration among diverse stakeholders to ensure that scientific advancements translate into meaningful benefits for Jammu and Kashmir.

Vice Chancellor SKUAST-K Prof Nazir Ahmad Ganai said the summit will serve as a catalyst for the region’s sustainable development and strategic growth. “It will be remembered as the spark that ignited science and technology-led future-ready Jammu & Kashmir,” he added.

Pertinent to mention, SKUAST-K is a premier institution dedicated to advancing agricultural sciences and technology. With a commitment to innovation and excellence, the university plays a pivotal role in fostering sustainable development and technological progress in the region.

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Trade

Lenskart enters Kashmir market, opens shop at Regal Chowk

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Lenskart enters Kashmir market

Srinagar: Lenskart, India’s leading eyewear brand, has forayed into the Kashmir valley with the opening of its first outlet at Regal Chowk in Srinagar city. This expansion marks a significant milestone for Lenskart as it continues its mission to provide vision correction solutions to every individual across the country and beyond.

With seven successful stores already established in J&K UT’s Jammu city and plans underway for another outlet in Sanat Nagar, Srinagar, Lenskart aims to extend its presence to every nook and corner of Srinagar city.

“We have plans to expand our reach into other districts of Kashmir soon, ensuring accessibility to quality eyewear products and services for all residents,” said Dr Mohammad Mutaher Zerger, who heads Lenskart’s Portfolio and Franchisee Business Divisions.

Dr Mutaher is a seasoned professional with extensive experience in franchise management. Having previously served at McDonald’s, the new head of franchise at Lenskart brings valuable expertise in expansion strategies and operational excellence. “We are dedicated to providing state-of-the-art sophistication in eyewear technology, coupled with unparalleled customer service,” he added.

Lenskart’s commitment to accessibility and affordability is reflected in its offerings, including the innovative Buy One Get One (BOGO) facility available at all Lenskart outlets and online. Additionally, the brand provides complimentary eye testing facilities, ensuring that customers receive comprehensive care tailored to their needs.

Lenskart enters Kashmir market

Lenskart Founder, Shark Piyush Bansal’s Vision is to give correction-less vision to the entire India.

In line with its dedication to innovation and excellence, Lenskart recently inaugurated a cutting-edge robotic factory in Bhiwandi, where lens production and fittings are carried out with precision and efficiency. This advanced facility underscores Lenskart’s commitment to leveraging technology to deliver superior-quality products to its customers.

Lenskart enters Kashmir market

With a network of 1800 stores across India and a growing presence in international markets such as Singapore, Saudi Arabia, Thailand, and the UAE, Lenskart is poised for further expansion into other countries in the Middle East and Asia-Pacific regions.

Lenskart’s entry into Kashmir signifies not only its commitment to providing vision correction solutions but also its dedication to empowering individuals with the gift of clear vision, enabling them to lead more fulfilling lives.

 

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Ecology

Economic and Environmental Implications of Sand Mining in Kashmir Division

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Environmental Implications of Sand Mining
Uzma Hameed
Dhaar Mehak M.

Sand mining is the process of extracting sand from in and around the rivers, streams, lakes etc. Sand is also mined from beaches and inland dunes and dredges from ocean beds and river beds. In modern times sand is considered to be an essential raw material for construction purposes. As such, individual and private companies are increasingly demanding sand for construction purposes and this has placed immense pressure on sand resources. As a practice it is becoming an environmental issue as the demand for sand has been persistently witnessing an increase in industry and construction sectors of the economy especially in the developing pockets of the world. In developing nations, including India the annual demand for sand has been witnessing a perpetual rise of 07%. This has led to both an increase in the demand and price of sand in the open market. At the same time, people have been witnessing a profitable venture out of mining sand both legally and illegally leading to a number of issues and concerns.

Mining has been identified as the spine of the construction and infrastructure-centric economic growth and development process of the developing world, India being no exception to the same. Given the geographic extent of the country, the sand resources in the country have been plenty. However, like any other natural resource, the quantum of sand in India is limited. The usage however has been in practice right from the pre-historic times, the demand and usage being all time high in the contemporary times. The first recorded history of mining in India dates back to 1774 when the English company was granted permission by the East India Company for mining coal in the Raniganj coal fields.

After the colonial independence of the country, the growth of mining under the aegis of successive five-year planning processes has been quite speedy. Mining is among the significant economic activities of the country. The Gross Domestic Product (GDP) contribution of mining in India ranges between 2.2% and 2.5%. Given the historicity associated with mining in the country, its extraction and utilization processes have undergone a major shift towards modernization. The economic reforms of the 1991 and 1993 National Mining Policy further especially contributed towards the growth of the mining sector. The Indian mining industry in contemporary times provides job opportunities to around 7 lakh individuals. Given the diversity of the mining activities across the country, each state specializes in a related activity that it possesses a comparative advantage in especially in light of the reserves.

Given the geographic nature and extent of the region of Jammu and Kashmir, sand deposits in the region have been a common sight. At the same time, given the cold climate of the region, the need for secure housing has always been prioritized by the populace and governance of Jammu and Kashmir. With the evolution of construction processes and techniques, the shift from traditional wooden houses towards modern concrete houses has been widely witnessed. One of the main raw materials used for the construction of such houses has been identified as sand.

There are approximately 261 mineral blocks across the districts of Kashmir amongst whom the majority are situated along the bank of the river Jhelum. The mineral blocks in Kashmir contain sand deposits and various other minerals. One of the mining hotspots of the Kashmir division is the town of Bijbehara, locally known as Vejibror. While Bijbihara is also known as the town of Chinars, it has historically been a significant contributor towards the local economy. The town is located on National Highway 44 along the extended banks of the Jhelum River. It is also known as “Town of Chinars”. It is situated about 45 km from the capital of the Union Territory of Jammu and Kashmir, Srinagar.  Within the Bijbehara town, the area of Gadhanji-Pora is particularly the committed hotspot of mining activities. It is situated approximately half a kilometre away from the Sub-District headquarters of Bijbehara.

According to the stakeholders, the most prolific user of sand is the construction industry. Individuals are increasingly demanding sand for domestic and commercial construction purposes. While there has been an increase in both the demand and prices of the resource, it has placed immense pressure on the local sand resources and deposits. Locally sand is being used in almost every construction-related activity from cement and concrete to plastering, roofing, grouting, painting etc. It is also commonly used in constructions like mortar, concrete, and cement strength, mass and stability.

Because of its smooth texture, better bonding qualities, and low impurity concentration, river sand is the most often utilised in Kashmir due to its quality, quantity and availability. Sand is the key component of concertation. Sand mining is rampant at many places along the Jhelum River, especially in the Bijbehara.

 Given the extensive mining in the region, at certain points, the miners have breached the banks of rivers. The miners often drive their heavy vehicles straight into the water causing huge damages to the bunds along the river. These miners have lately also been using other heavy machinery like machine excavators and bulldozers in attempts to extract more sand in less time. By removing more sand than the rivers can naturally replace with the sediments it carries downstream, sand mining activities carve a deeper and narrower bed. It further goes on to lower the water levels in the river below the usual, speeds up the flow and erodes the banks. The biodiversity within and along the river is damaged. The fishes and other aquatic species that closely rely on the local bio-diversity are increasingly coming under threat.

Abdul Rehman, a local resident and fisherman, who has been fishing for the past 40 years describes his deteriorating experience, “Earlier if I covered an area of 3 km in the river, I would catch 6-8 kilograms of fish. Now, covering the same distance, I barely manage to catch 250 grams”. People from the Pazalpora area of Bijbehara, where the banks have been breached at multiple places, lament that they have been left all the more vulnerable to reoccurring floods because of unthoughtful activities like these.

The sand miners in and around the Bijbehara area of Anantnag district have been vandalizing the Jhelum River illegally. The damage is being increased manifold by the increasing use of heavy machinery for speedy mining of sand. After the devastating floods of 2014, the state government has been spending a significant amount of state money on the restoration, repair and upgrading of the banks of the river Jhelum. The so called and rightly called, ‘sand mafia’ across the valley in general and Bijbehara area in particular is breaching the sensitive river banks for the monetary interest of a few greedy people.

As such, as a collective voice basing our understanding on the facts mentioned above, it falls upon both people and the authorities to look deeper into the issue. As a matter of sustainability, now is the high time that the matter is dealt with an iron fist.

The authors are affiliated with the Department of Economics, Islamic University of Science and Technology and can be reached at dhaarmehak@gmail.com

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