Post abrogation of Art 370:Kashmir Inc. begins counting biz losses
5: Three months on, Kashmir Inc. has
formally kicked off the process to assess the exact losses incurred by the
business community due to the unrest post abrogation of Article 370.
of Commerce and Industry (KCCI), which has put the preliminary losses at $ 1.5
billion, has decided to collect exact
details of losses faced by different segments of the business community
since August 5.
“We are receiving
inputs about losses from every segment of the business community. We will document these losses. The exercise
is not just for getting compensation. We want to make this report public,” KCCI
president Sheikh Ashiq Ahmad told The Kashmir Monitor.
Ahmad said they
would be releasing the report in a week’s time. “We have started this process
very recently. Our members are getting inputs from trading bodies across the
valley,” he said
said the business sector in the state was “bleeding” after witnessing no
activity since August 5. “The blockade of internet has hit businesses hard in
Kashmir. With the result many units are at the verge of becoming Non-Performing
Assets (NPAs). Similarly some of the businesses including handicrafts are
completely shut due to the prevailing uncertainty,” he said.
Ahmad noted that
the valley was witnessing losses of over Rs 120 crores on an average daily. “It
will take years for Kashmir traders to recover from the setbacks,” he said.
transport have faced the maximum brunt of the current situation. Tourism
stakeholders said withdrawal of advisory has failed to make any impact as tour
operators are unable to make fresh bookings due to internet blockade.
reveal that as many as 10,000 tourists visited the valley since the withdrawal
of advisory by on October 1. Out of the tourists, 7,031 were domestic. Last
year, around 1, 85,057 tourists visited the valley in the same period.