Economic loss Rs 6,000 crore due to unrest: traders’ federation

Economic loss Rs 6,000 crore due to unrest: traders’ federation

SRINAGAR: Trade and industry in Jammu and Kashmir have suffered a loss estimated at more than Rs 6,000 crore in the past 48 days of unrest, the Kashmir Traders and Manufacturers Federation has told The Times of India. Mohd Yasin Khan, president of the federation, said that the sector was bleeding by approximately Rs 135 crore every day.
“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.
Faiz Bakshi, secretary of Kashmir Chamber of Commerce and Industry, told the ToI correspondent that he will not talk about the monetary crisis at the present moment, but “What we will tell you is that it is time for a final settlement of the Kashmir crisis.”
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 Kashmir has also had an adverse impact on Jammu’s economy, roughly about Rs 1,000- 1,500 crore, according to the Jammu Chamber of Commerce and Industries. The current predicament has visited the valley barely two years after massive floods, causing the economy to lose close to Rs 5,400- 5,700 crore in revenue.

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