Successive lockdowns in the past one year have dented Kashmir’s economy by over Rs 45,000 crore as per the report released by a Valley-based traders’ body.
Business establishments remained shut for months after the abrogation of Article 370 on August 5 last year and just when economic activities started picking up early this year, the lockdown due to Covid-19 pandemic wrecked the businesses.
“Since August 5, 2019, the business community has suffered a total loss of Rs 45,000 crore. A loss of Rs 21,320.64 crore was incurred as a result of the lockdown caused by the coronavirus pandemic in the Valley since March 18, 2020,” said a report released by the Kashmir Trade Alliance (KTA).
Talking to Kashmir Post, KTA president Aijaz Shahdhar said the final report would be released once the Covid-19 lockdown ended completely.
“Markets recently opened on a rotational basis and restrictions like free movement outside the Valley will remain till the pandemic stays. Therefore, we released this preliminary report. The final report will be released after the lockdown ends fully,” said Shahdhar.
He said the interim report was compiled after covering the “daily trade and business rates, gross domestic product (GDP) for 2017-18, and the economic review”.
The report said the manufacturing sector suffered the maximum losses during the past five months, pegged at Rs 3,161.60 crore, followed by the transport sector (Rs 2,888 crore).
Similarly, the agriculture, horticulture and floriculture sector suffered a loss of Rs 942.4 crore, while the livestock incurred losses worth Rs 2,234 crore.
The report further said the tourism sector lost Rs 1,292 crore while the hotel and restaurants across the region suffered a loss of Rs 760 crore.
Earlier, markets had opened on a rotational basis after 85 long days of the Covid-19 lockdown on June 13. However, lockdown in the Valley was re-imposed from July 13 and markets opened on a rotational basis against from August 17.