Srinagar: Losses suffered by the trade and business community over the last five months of coronavirus lockdown amount to Rs 21,000 crore, nearly a quarter of the total GDP of Jammu and Kashmir, according to a report released by Kashmir Trade Alliance (KTA) on Sunday.
The KTA said that the Rs 21,000 crore list in the last five months are part of the Rs 45,000 crore losses suffered since August 5 last year, when the entire JK was put under lockdown for months, by the Kashmir economy.
The interim report was compiled after covering the daily trade and business rates, gross domestic product (GDP) for 2017-18 and the economic review, said the body in a press handout.
“The average daily trade in the Valley is Rs 140 crore per day. Over the past five months, traders and industrialists from all walks of life have suffered financial losses. The current situation is that traders and businessmen who have borrowed money from financial institutions have lost the ability to repay the money, and many business units are on the verge of bankruptcy,” the KTA said.
Agriculture, horticulture, and sericulture sectors suffered a loss of Rs 942.4 crore during the Covid lockdown, said the report.
“The loss of livestock industry was Rs 2234 crore. Construction activities and projects suffered a blow of Rs 2214.64 crore. The tourism sector has suffered a loss of Rs 1,292 crore, while the hotels and restaurants associated with the sector have suffered a loss of Rs 760 crore,” it said.
It said the transport sector has suffered losses of Rs 2,888 crore.
“General trade lost Rs 4104 crore during the lockdown. Handicrafts lost Rs 760 crore during the last 5 months.The real estate sector suffered a loss of Rs 2280 crore,” it added.