November 2019 News

J&K Lockdown Led To Rs 12,000 Crore Loss: Kashmir Business Body

19 November 2019
Times of India
M Saleem Pandit

Srinagar: Kashmir trade and local businesses have suffered a loss of approximately Rs 12,000 crore during the shutdown of the last three months following the nullification of Article 370, according to the Kashmir Chamber of Commerce and Industry. KCCI president Sheikh Ashiq Hussain claimed on Tuesday that a preliminary survey showed that 'the loss figure is over Rs 12,000 crore'. 'The three-month-long shutdown has caused a huge dent to Kashmir's business community and in overall business,' he said, adding, 'We want the Jammu Kashmir administration to take responsibility for the huge losses caused to us due to the shutdown and restrictions.' He said the suspension of internet, mobile phone and SMS services had made matters worse for business. 'A single day's shutdown in Kashmir results in a loss of Rs 125 crore,' he claimed. 'Every kind of business was hit badly in Kashmir since August 5 and yet no one is taking responsibility for it,'Hussain added. Hussain said Kashmir's export business had gone down by 50% due to the suspension of internet and mobile phone services since August 5. He added that they were now finding out how many salesmen lost their jobs due to the shutdown.