Mohammed Emran Wagay
Kashmir’s challenging unemployment scenario has been exacerbated by a long complex conflict and protracted instability. The tenuous local economy has left many Kashmiris with few or no options for economic engagement. While unemployment impacts all sections of Kashmir society, it particularly impacts Kashmiri youth who represent more than 71 percent of the population.
Eradicating unemployment is one of the toughest challenge but a very critical problem that must be overcome. The hope is rooted in reviving a culture of entrepreneurship and creating an ecosystem where young job seekers become job creators and redefine the economic future of Kashmir. Increased awareness about existing market opportunities can attract and motivate young people towards entrepreneurship.
If directed at the right market opportunities and provided with the right support, Kashmiri entrepreneurs could create a value with relative little capital. There are immense opportunities to offer new products and services that cater to the evolving demands of the local market. Kashmir valley has an untapped market with a large dependency on imports and services produced outside Kashmir. In fact, the possibilities are limitless. A combined potential market size of Rs. 455,684,402 crore is just waiting to be seized!
Five core sectors which have emerged as high-priority sectors in Kashmir valley are Agribusiness, Green Business, Handicrafts, Information Technology and Tourism. Future entrepreneurs should not consider Agribusiness as confined to farming only. For instance, value-addition through processing and branding of fruits , vegetables, dairy/meat products, spices and oils offer diverse entrepreneurial opportunities. Also, Kashmiri handicrafts production & distribution offer great market potential for aspiring entrepreneurs due to the high demand for products and high local economic returns.
Author is pursuing Masters in Finance & Control from University of Kashmir.
