Crisis Management: Tackling Economic Fallout After Pahalgam Terror Attack
Chief Minister Omar Abdullah seeks central support as the economy of Jammu and Kashmir faces a severe fiscal crisis following the Pahalgam terror attack. The attack halted key economic sectors, leading to revenue collapse. Abdullah stresses the need for GST reforms that consider local challenges while ensuring fiscal stability.
- Country:
- India
The Pahalgam terror attack's economic fallout on Jammu and Kashmir has prompted Chief Minister Omar Abdullah to call for urgent support from the Centre. Speaking at the 56th GST Council meeting, Abdullah stressed the pressing need to counteract the financial collapse exacerbated by the April 22 attack.
The attack, which claimed 26 lives, has brought major economic sectors like tourism and handicrafts to a standstill, plunging the Union Territory into a fiscal crisis. The Chief Minister warned that proposed GST reforms might slash revenues further by 10-12%, necessitating mechanisms to stabilize state and UT finances.
Abdullah also highlighted the geopolitical challenges that threaten India's economic growth. He pointed out that the 'whimsical trade policies of the colonial era' could limit India's global market access, adversely impacting workers in agriculture and handicrafts sectors.
(With inputs from agencies.)
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