"In the past few years revolution in IT industry made places like Bangalore and Hyderabad the most sought after IT hubs generating job opportunities for lakhs of IT professionals but unfortunately our state which was considered a green pasture for IT industry failed to capitalize following which there was miniscule development on the IT front. But now revolution in financial services has dawned across the globe and this time we will not miss the opportunity. While sitting in Kashmir we can handle international financial transactions and even if we manage to generate 1 percent revenue initially from the industry worth 3 trillion in sub-continent it will be a great achievement," said Dr Drabu while speaking in an interview based programme Shaksiyat on DD Kashir.
Relating the present recession in global economy to that of 1930`s when the world was engulfed into flames of economic crisis, Dr Drabu said that things are going to be worse in the coming months with Kashmir being no exception to the general trend that has given sleepless nights to the policy makers and economist world over.
He said " The present economic crisis has not only domestic but global reason and we can say that the year 2008 has been a water shed year for the entire world with economies following a nose dive pattern on the flow chart of growth. However what is more concerning is that the tremors of this global recession could be felt in Kashmir as well with people loosing their jobs and companies winding up their business in cellular and other services."
The chairman said besides commercial interests the J&K bank has a social responsibility and accordingly policies and programmes are being devised so as to promote the cultural heritage of the state by investing into "socially responsible but economically viable projects".
"Our bank always tries to strike a balance between social obligations and commercial interests and the development of shrines, parks and other institutions of cultural importance is a part of that endeavour. By introducing Khatamband, sozni and lattice work in our bank branches outside the state we try to display the rich art and craft of our artists on international front at the same time providing work to these artists who are striving hard to preserve this unique art of Kashmir," said Drabu during the interview.
While sharing his experiences Dr Drabu a two times gold medalist from Kashmir University said that the transition in his career came after he left the government job and joined a business magazine which brought his work to limelight after his columns started getting discussed in parliament.
"Immediately after finishing my post graduation in economics I joined government services. However my work and commitment was never getting noticed which I used to do while planning and drafting the official notes following which I resigned. But, when I started writing on economic issues in magazines my plans and suggestions started getting noticed and even the Prime Minister of Indian Dr Manmohan Singh who was then Finance Minister said in Parliament that 'had the government of India acted upon Drabu`s suggestions they would not have suffered such a huge loss," said Drabu a widely acclaimed economist.
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