SRINAGAR – The Kashmir economy suffered loss to the tune of Rs 17,878 crore in four months of restrictions and shutdown in the valley following abrogation of Article 370 and creation of two union territories out of Jammu and Kashmir, a trade body said on Tuesday.
Releasing a comprehensive sector-wise report on losses due to disturbance after the August 5 announcement by Home Minister Amit Shah, the Kashmir Chamber of Commerce and Industry (KCCI) said 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.
An assessment based on actual number of unit holders and persons engaged in each sector, job and financial losses suffered by them was undertaken, it said.
“For example, the tourism sector has been broken into its various sub-sectors like tour operators (inbound and outbound), house boats, hotels, tourist transport, shikaras, adventure sports and other allied sectors.