SRINAGAR: The imposition of curbs, spontaneous shutdowns and internet blockade in the Valley since August 5 has dealt a major blow to Kashmir’s economy as it suffered losses between Rs 14,295 and Rs 17,878 crore, the Valley’s leading trading body Kashmir Chamber of Commerce and Industries (KCCI) said.
A sector-wise assessment, conducted by KCCI, revealed the losses. The assessment was done using two methods — losses estimated on GDP based on 2017-18 economic survey and another based on a sector-wise study of the local economy.
The assessment revealed that tourism lost Rs 1,056 crore while the handicraft and Kashmiri carpet industry lost Rs 72 crore. The net loss to agriculture and allied services was worth Rs 4,591 crore while the industrial sector and other utility services suffered an estimated loss of Rs 4,095 crore. "In service sectors like trade, hotel, restaurant, transport, communication, financial services, real estate, ownership of dwelling and professional services, public administration and defence, the total loss is to the tune of Rs 19,191 crore," the report said.
The report also revealed that around 4,96,000 jobs were lost in the last four months. Providing a breakup, the report said the general trade sector lost 1,20,000 jobs while 74,500 jobs were lost in the tourism sector. “In handicrafts and Kashmiri carpets, around 70,000 people lost their jobs. In horticulture, floriculture, agriculture and sericulture about 12,000 jobs were lost,” it stated.
Sectors directly dependent on the internet, such as information technology and e-commerce, have been ruined. KCCI president Sheikh Ashiq said the aim of the report was to put things into perspective in terms of losses that the Valley suffered since August 5.