SRINAGAR: Kashmir Chamber of Commerce and Industry (KCCI) has pegged the losses suffered in Kashmir during the four months of lockdown post abrogation of Article 370 between Rs 14,000 to Rs 18,000 crores.
In a preliminary KCCI loss assessment report which is the first document in the last four months, the economy as per the figures based on GDP has suffered loss of Rs 17,878 crores, in fourteen sectors, from August 4 to December 3.
According to the losses assessed from the GDP figures, KCCI said that service sector has suffered the highest losses worth Rs 10,813 crores, followed by Rs 5,402 crore of Agriculture and allied sectors, and Rs 4,363 core of industry sectors.
In the assessment based on figures gathered directly from the stakeholders, KCCI has pegged losses of about Rs 14,296 crores to the economy with 4,96,000 losses of jobs.
General trade, as per the report has suffered the highest losses worth Rs 3,178 losses, followed by Rs 2,520 crore losses in Industry, and Rs 2000 crore by agriculture and allied sectors, which is the one the main drivers of the UT economy, it said.
The trade body said that other sectors that have suffered losses include Tourism, Handicrafts/ Kashmir Carpets, Transport, Contractors and Infrastructural Construction and Power Projects, Medical and HealthCare, service, Education, and Finance.
“The present disruption has resulted in loss of jobs to lakhs of borrowers of financial institutions, have lost their capacity to fulfill their commitments and a substantial number of accounts have closed down or are contemplating closure,” said the report.
“The sectors directly dependent on internet like information technology and e-commerce have been ruined. The government intervention in the horticulture sector for which Rs 8,000 crore were earmarked for purchase of apples has come a cropper and caused price turmoil and panic sales,” the report added.
It is the first documented report on losses suffered by the economy due to the lockdown imposed by the government since August 4.

Junaid Nabi Bazaz