Kashmir Chamber Puts Loss At Rs 17K CR

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Kashmir Chamber: the new team elected to office in September 2018- (LtoR) Nasir Hameed Khan, Sheikh Ashiq, Dr Abdul Majid Mir, Farooq Amin, Sheikh Gowhar Ali and Manzoor Ahmad Pakhtoon

SRINAGAR: Since August 5, Kashmir economy has suffered a loss of Rs 17,878 crore, Kashmir Chamber of Commerce and Industry has said. The loss assessment is part of the trade body’s comprehensive sector-wise report on Kashmir economy.

The Chamber said that the losses have 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.

The trade body said that the assessment is based on actual number of unitholders and persons engaged in each sector, job and financial losses suffered by them was undertaken, “For example, the tourism sector has been broken into its various sub-sectors like tour operators (inbound and outbound), houseboats, 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 said.

The Chamber said that the almost four-month-long crisis has led to a loss of thousands of jobs in the state, especially in Kashmir.

Borrowers of financial institutions have lost their capacity to fulfil their commitments and a substantial number of accounts are likely to turn bankrupt, many business establishments have closed down or are contemplating closure, the report said.

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