Economic loss during unrest: Rs 6,000 Crore

Economic loss during unrest: Rs 6,000 Crore

Srinagar, August 26: Traders and Industry in Jammu and Kashmir have estimated losses to the tune of Rs 6,000 crore in the past 48 days of unrest in according to a report in TOI.

The Kashmir Traders and Manufacturers Federation has given out this information to the national daily.

The state has been suffering losses of Rs 135 crore everyday said the president of the federation, Mohd Yasin Khan.

“We’re facing the worst economic crisis ever, but then this is happening again and again. We need a permanent solution to it and it has to be political. Losing our dear ones is a far greater tragedy for us. That has to stop,” Khan said as quoted by the report.

“I will not talk about the monetary crisis at the present moment, but we will tell you that it is time for a final settlement of the Kashmir crisis,” said Faiz Bakhshi who is the secretary, Kashmir Chamber of Commerce and Industry.

Abdul Rouf Bhat, who sells packaged drinking water, told ToI that his firm Pagent Industries used to sell 1,500 cases but after July 8, “I sell 50.” Bhat said he has been paying only 50% wages to workers.

The unrest in the valley has had its repercussions on the economy of Jammu division as well wherein roughly about Rs 1,000-1,500 crore is the estimated loss according to the Jammu Chamber of Commerce and Industries.

The perils of the present unrest in the valley have hit the state hard barely two years after massive floods, which had caused the economy to lose close to the same business of Rs 6,000 crore at the time.

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