Amarnath Row Costs J&K Rs600 Cr

14 July 2008

Srinagar: Jammu Inc. suffered severe losses during the nine day pro-Amarnath land agitation, with the financial losses mounting to over Rs600 crore. Figures released by the Federation of Industries Jammu (FIJ) reveal that the industry suffered losses between Rs50 to Rs70 crore every day due to the bandh and curfew. “Most industries were shut during the period. We had to pay idle wages to our labourers, our power tariff bills spiralled and our interest on loans increased,” said Anil Suri, chairman of the FIJ. According to the FIJ figures, there are nearly 1,000 functional units in the organised sector alone and the turnover is over Rs1,000 crore. “Everybody was busy dealing with the law and order situation. Even now we are suffering because of the power scarcity, we get only five hours of power supply,” said Suri. The land agitation polarised Muslim Kashmir and Hindu Jammu, creating a dangerous communal situation in both the regions of the troubled state. But it was Jammu that suffered the most. “We suffered losses of around Rs162 crore during the period. Our credit period, which usually revolves around a month, had to be rescheduled, which means now the customers will pay after two months. There are cheques to be cleared. Our goods and raw materials are also awaiting disposal,” said Ram Sahai, chairman Jammu Chamber of Commerce and Industry. Sahai however reiterated that though they have suffered losses, they are ready to join the struggle for restoration of land to the SASB.