Lockdown in Kashmir leads to loss of 1000 crore for Srinagar Traders

After the Centre abrogated provisions of Article 370 and divided Jammu & Kashmir into two Union Territories, the trade community in Srinagar have claimed to suffer a loss of around 1000 crores.

“The average daily loss is estimated to be around 175 crores after life has come to a standstill due to the restrictions imposed by the authorities.” , a member of the Kashmir Chamber of Commerce and Industry (KCCI) said.

Also read: Slump in automobile industry has affected steel sector: Tata Steel CEO

The worst affected are Bakeries and livestock dealers because of a lesser shelf life of their products. The bakery owners stand to suffer losses to the tune of ₹200 crore. With curbs on the movement of people, the livestock dealer is finding it very difficult to find food for his herd.

As the restrictions were eased on Saturday, the local traders were hopeful that sales might pick up on Sunday and Monday. However, their hopes dashed after curfew was reimposed and movements restricted. The roadside vendors, who sell second-hand merchandise have also been severely affected as they have not been allowed to set up their stalls on the Eid eve.