Kashmir Economy Suffered Losses Of Rs 15000 Crore, Thousands Lost Their Jobs Since Clampdown

The economy of Kashmir has suffered losses of Rs 15,000 crore since August 5, when the government abrogated Article 370 provisions, a commerce body has claimed, saying that this is just a “conservative estimate”. The Centre had repealed provisions of the article that gave special status to the erstwhile state of Jammu and Kashmir and bifurcated it into union territories of Ladakh, and Jammu and Kashmir.”Our conservative estimates put the losses to the Kashmir economy due to the situation after August 5 at Rs 15,000 crore. We will be coming up with comprehensive data about the losses within a week,” Kashmir Chamber of Commerce and Industry (KCCI) president Sheikh Ashiq Hussain told PTI.

More than the losses to the economy, job loss due to clampdown on internet services, protests and strikes was more worrying, he said. The handicraft, tourism, and e-commerce sectors were the worst hit by the situation post the Centre’s decision, Hussain said. Though most restrictions have been lifted, the clampdown, which started on August 5, on internet services across all platforms and the prepaid mobile phone still remains.

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