Kashmir unrest causes Rs.6,400 crore loss in 49 days

The unrest happening in Kashmir has cause a huge loss of Rs 6,400-crore to the economy. The economy of the valley went downhill very fast after the curfew and civil unrest happening there. Many businesses were affected badly due to the curfew and separatist-sponsored strikes.

Many big economy earners of the valley like tourism and similar activities came to a sudden halt since the past 49 days. As soon as the protests started in Kashmir following the killing of Hizbul Mujahideen commander Burhan Wani in an encounter with security forces, the economy of many businesses were severely affected.

Due to the clashes between protesters and security forces, 66 people have lost their lives and thousands were injured. The clashes and fights left shops, business establishments, private offices and petrol pumps shut. The separatists groups have called a complete strike to protest civilian deaths after the violence after Wani’s killing.

Even though the separatists announced periods of relaxation usually in the night, it is not helping traders who are saying that several times masked youth or even security forces are forcing the shopkeepers to shut down the shutters.

According to Mohammad Yaseen Khan, the president of Kashmir Trader and Manufacturers Federation (KTMF), Kashmir is suffering losses of about Rs 135 crore daily. He says that that is approximately Rs 6,400 crore loss so far.

He also added that these numbers are based on the values of daily business six months ago. The traders want this situation to be resolved fast and permanently.

The state government also suffered revenue losses of Rs 300 crore in this time. Due to the unrest, the collection of levies and taxes reduced drastically. The sales tax collection was affected the most.

Tourism, which is one of the biggest earners for Kashmir’s economy was hit severely for obvious reasons. People are far from considering visiting Kashmir.

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