Kashmir Economy Lost Rs 15,000 Crore Since August Clampdown: Trade Body

Kashmir's economy has suffered losses to the tune of Rs 15,000 crore since August 5 when the government scrapped the provisions of Article 370, 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The Centre had repealed provisions of the article that gave special status to the erstwhile state of Jammu and Kashmir, and bifurcated it into union territories of Ladakh, and Jammu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 news agency 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, Mr Hussain said.

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