INP
SRINAGAR
In occupied Kashmir, the Kashmir Chamber and Industry (KCCI) has said that the economy of the territory suffered loss to the tune of Rs 178.78 billion in four months after imposition of lockdown by Indian government on August 5. According to Kashmir Media Service, releasing a comprehensive sector-wise report on losses due to the lockdown, the KCCI said that the losses had been assessed based on Jammu and Kashmir’s gross domestic product of 2017-18. “The study has focused on the 10 districts of Kashmir Valley comprising 55 per cent of the total population of Jammu and Kashmir. A time span of 120 days has been assumed for the calculations. As per this method, Kashmir’s economy has suffered a loss of Rs 17,878.18 crores,” the report said.
An assessment based on actual number of unit holders and persons engaged in each sector, job and financial losses suffered by them was undertaken, it said. “For example, the tourism sector has been broken into its various sub-sectors like tour operators (inbound and outbound), house boats, hotels, tourist transport, shikaras, adventure sports and other allied sectors. Efforts were made to make the report as inclusive as possible. The losses suffered by pony wallahs, rafting groups to photographers and guides have also been assessed,” the report added.
The KCCI said that the present disruption had resulted in loss of jobs of lakhs of people.
Borrowers of financial institutions have lost their capacity to fulfill their commitments and a substantial number of accounts are likely to turn bankrupt, many business establishments have closed down or are contemplating closure, it said.
