Kashmir economy suffered losses of Rs 15,000 crore since August 5

A commerce body has claimed that the economy of Kashmir has suffered losses of Rs. 15,000 crore since August 5. On August 5, the Centre revoked Article 370 (which gave special status to the state) from the state of Jammu and Kashmir and divided it into two union territories, Jammu and Kashmir and Ladakh.

“Our conservative estimates put the losses to the Kashmir economy due to the situation after August 5 at Rs 15,000 crore. We will be coming up with comprehensive data about the losses within a week,” Kashmir Chamber of Commerce and Industry (KCCI) president Sheikh Ashiq Hussain told news agency PTI.

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Hussain further said that The handicraft, tourism and e-commerce sectors were the worst hit by the situation post the Modi government’s decision.

“The handicraft sector alone has witnessed over 50,000 people losing their jobs. The artisans were not getting any fresh orders in the absence of communication facilities. Even, the highly skilled artisans have been forced to look for odd jobs to meet their daily needs,” he told PTI.

He further informed that the e-commerce sector has seen 10,000 people losing jobs as well as 30,000 people working in the hotel and restaurant industry have lost their jobs.