Sumaya Jan
Srinagar, Aug 4: Kashmir has been almost shut for the last one year, which has cost Rs 40,000 crore to its economy, says the business community.
On August 5 last year, Narendra Modi-led government abrogated Article 370.
President Kashmir Chamber of Commerce and Industries (KCCI), Sheikh Ashiq said the Kashmir economy has suffered losses over Rs 40,000 crore since August 5.
“Every sector has been badly hit. Lakhs of people lost their jobs for the last one year,” Ashiq told news agency Kashmir Indepth News Service (KINS).
He said they have already apprised the government about the deteriorated condition of the economy.
John Ahmad, who runs a travel agency, is sitting at home these days and finding it difficult to feed his family. “Last one year has been the toughest phase for Kashmiris. Everything has been shut. No positive development has taken place,” he said.
He said it was the government that asked tourists to vacate Kashmir last year. “Now the government has to convince them that Kashmir is a safe place for them,” he said.
Tourism is considered the backbone of Kashmir’s economy on which over 20 percent people are directly or indirectly dependent. In 2018, Kashmir received 3,16.434 tourists between August and December. In 2019, the number fell to 43,0,59 for the same period.
The political upheaval followed by the COVID-19 pandemic has been a double blow to the tourism sector.
People associated with the tourism sector like in hotels, travel agencies, houseboats have been rendered jobless.
The handicrafts sector also suffered huge losses for the last one year. Kashmir exports over Rs 16,00 crore worth handicrafts including wood carvings, papier-machie, and shawls.
Many online businesses in Kashmir are on the verge of closing down due to low internet speed.
The business of courier companies has been almost shut since last August. More than 7,000 courier boys are working with 30 courier companies operating in Kashmir. Majority have lost their jobs in the last one year. (KINS)
