TDN World Desk: After abrogation of article 370 in Jammu and Kashmir the state has incurred huge economic loss that amounts Rs 17,878 crores. This data is revealed by Kashmir Chamber of Commerce and Industry (KCCI).
“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 Indian Express cited from its report.
Economic sectors that suffered collosal damage include e-commerce buisness, tourism industry, cottage industry.
Thoe have borrowed money from banks and money-lending agencies are unable to repay due to economic lockdown. Some have turned bankrupt. May buisnessmen have shut down their establishments or considering to close due to hostile economic environment.
“The sectors directly dependent on internet like information technology and e-commerce have been ruined. The government intervention in the horticulture sector for which Rs 8,000 crore was earmarked for purchase of apples has come a cropper and caused price turmoil and panic sales,” the report added.
During the winter session in the Parliament Union and Home Minister Amit Shah said that the situation in the valley has restored to normalcy. After the especial scraping of Article 370, an especial law that allowed the region to maintain autonomy in August 5, the valley has been under constant lock-down following a heavy arm-force deployment. Internet services remained restricted. Influential opposition leaders including three former Chief Minister in valley were detained.