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Rs 10,000 cr loss due to Kashmir shutdown
Jammu & Kashmir

Rs 10,000 cr loss due to Kashmir shutdown

Pennews

The shutdown in Kashmir, following the abrogation of Article 370, has crippled the Valley’s economy as the business community has suffered losses amounting to over Rs 10,000 crore in three months, a trade body said in Srinagar.

The deadlock, after the Centre announced the abrogation of Article 370 on August 5, completed 84 days on Sunday with the Valley in shutdown mode as the main markets continued to remain shut and public transport off the roads.

Some shops opened for a few hours early in the morning and late in the evening in certain areas, including in the centre of Lal Chowk in Srinagar, but the main markets remained shut.

Mr. Sheikh Ashiq, president of the Kashmir Chamber of Commerce and Industry , said while it was difficult to assess the nature of losses as the situation was not normal yet, the business community has received a serious jolt from which it is difficult to recover.

'The running business losses for Kashmir region have crossed Rs 10,000 crore and all sectors have been severely hit. It has been nearly three months now and yet  people are not doing business because of the prevailing situation. There has been some activity in  recent weeks, but the feedback that we are getting is that the business is dull,' said Mr.  Ashiq.