Kashmir economy back on track, says J&K Bank CEO

Srinagar: Jammu and Kashmir is reaping the dividends of peace with strong indicators suggesting that the Union Territory’s economy is getting back on track after multiple setbacks, including Pahalgam terror attack, said Jammu and Kashmir Bank Managing Director and Chief Executive Officer Amitava Chatterjee.

In an exclusive interview, Chatterjee said while traffic jams at tourist spots were an indicator of the economy rebounding, the rebound was reflected in the bank's Q1 results which were declared on Wednesday.

"I am really glad that traffic and tourism are back. And that is visible in our books' numbers also. The growth in our retail business in the first quarter last year was around Rs 700 crore. This year, it is Rs 1,400 crore, just double. "So, if that is an indication and I can tell you, J&K Bank's numbers are a good indication of the economy of J&K, if that is the kind of indication that we have, I believe the economy is back on track," Chatterjee said.

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