Excelsior Correspondent
Srinagar, Dec 17 : The Kashmir Chamber of Commerce and Industry today said that Kashmir valley has suffered losses to the tune of over Rs 17, 000 cr due to clampdown after scrapping of special status of Jammu and Kashmir on Aug 5.
In its preliminary report, the KCC&I said that disruption since Aug 5 has resulted in loss of jobs to lakhs, borrowers of financial institutional have lost their capacity to fulfill their commitments and a substantial number of accounts are likely to turn bankrupt, many business establishments have closed down or are contemplating closure.
“The sectors directly dependent on internet like information technology and e-commerce have been ruined. The Government intervention in the horticulture sector for which Rs 8,000 crores were earmarked for purchase of apples has come a cropper and caused price turmoil and panic sales”, says KCC&I.
The Chamber said that Artisans and weavers are jobless. “With estimated losses of around Rs 2,520 Crores, manufacturing is in tatters. Transporters cannot find buyers for their vehicles. Automobile dealers and potential buyers of new vehicles have been burdened with an unprecedented tax of 9 to 10 percent – a forty fold increase on the existing rates and even the GST portion is loaded with this tax. General Trade is impacted to the extent of Rs 3,200 Crores”, it said.
They said that clamp down has impacted functioning in courts and journalists have had to function without access to internet which has severely impaired their functioning. “Healthcare has suffered as Doctors had also lost all means of communication and even now there are still restrictions on communications, though reduced. Students faced major academic disruption in their pursuit of education”, it said.
“The business community has not been able to file their online returns, faced hardships in the generation of e-bills and other allied difficulties resulting in a crippling impact”, it said.
The KCC&I said that Kashmiri economic interests appear to be in harm’s way and the continuation of the present situation only leads towards distress sales of assets and bankruptcy.
The chamber said that Tourism Sector shows a loss of Rs 1,056,32,64,000 ( Rupees One Thousand Fifty Six Crores Thirty Two Lacs Sixty Four Thousand Only).
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