Kashmir suffered Rs 8416.2 cr losses due to COVID19 lockdown: KEA
An empty Srinagar market during the coronavirus lockdown in 2020 (File Photo: KM/Umar Ganie)
Srinagar: Kashmir suffered Rs 8416.2 crore losses in first two months of lockdown due to the coronavirus pandemic, a preliminary assessment by prominent trade body Kashmir Economic Alliance (KEA) reveals.
The loss assessment done by the KEA also highlights that the valley was losing Rs 140 crores on an average daily due to the shutting of business establishments.
As per preliminary assessment, trade sector took a bigger cumulative hit of Rs 1620 crore in the last two months.
It is followed by the industrial sector, the production of which has declined and accounted to the losses worth Rs 1248 crore so far.
Transport sector, which has not witnessed any activity after the announcement of lockdown as per KEA has recorded losses of worth 1140 crore till now.
Real Estate and Housing is also among the sectors, which has witnessed economic strain due to the lockdown and took a hit of Rs 900 crore since March 19.
The assessment report further puts that livestock and constructions have recorded Rs 882 and 874.2 crore losses, respectively.
Tourism and hospitality sector, the second biggest economy generating industry of Kashmir as per the report has witnessed Rs810crore losses in last two months of lockdown.
Services sector reported Rs 240 crore losses followed by handicrafts, which due to the lockdown has witnessed Rs 300 crore losses.
Education as per the trade body took a least hit of Rs30 crore in the 60-day lockdown period.
KEA has also highlighted that the business on Eid will further accumulate the losses. “Eid business in the valley is approximately Rs 300 crore and it starts one week before the festival. Business losses will increase in coming days,” the trade body said.
Co-chairman KEA Farooq Ahmad Dar said the trade body has contacted every stakeholders to assess the daily losses faced by them due to the lockdown.
“We are on job to assess the entire losses faces by the valley due to the lockdown. While compiling the figures, we contacted hoteliers, travel agents, industrialists, fruit growers, transporters and other stakeholders. Our assessment will continue and we will come up with final figures once the trade activity resumes in the valley,” he said. Recently Acuite Rating and Research, has revealed that losses due to the lockdown in India is pegged at almost Rs 35000 crore per day.