The Kashmir Chamber of Commerce and Industry (KCCI) on Wednesday told media in Srinagar that in the current month-long curfew from 30 April to 31 May, the traders have inflicted losses to the tune of Rs 5,000 crore.
KCCI said that due to the clampdown started by the Central government on 4 August 2019 and followed by two lockdowns to contain the Covid-19, the total losses so far calculated by the different trade bodies of Kashmir has reached Rs 45,000 crore.
Asking the government to announce a comprehensive package and infuse capital in the markets, KCCI said that otherwise the business class in Kashmir is doomed and appealed to the government to lift the restrictions for the resumption of life so that the daily wagers and other vulnerable classes can at least earn a living for their survival.
Giving a breakup of the losses, KCCI said that the figures worked out for the latest corona curfew by different trade bodies is not less than Rs 500 crore.
Chamber head Sheikh Ashiq Hussain told the media that in the first four months of strict curfew during the clampdown post abrogation of Article 370, the Kashmir economy suffered a loss of around R 17,878 crore.
During the lockdown announced to contain Covid-19 in 2020 according to KCCI, the Kashmir economy lost not less than Rs 27,000 crore.
One of the wings of KCCI Kashmir Economic Alliance (KEA), and its head told the media that half of the traders in Srinagar and other parts of Kashmir would not be able to continue their businesses as they have failed to repay their loans to different financial institutions and need government help to continue.
KCCI demanded a bailout package from the JK government if they want the small business houses to be in business. It said that all the business wings of Kashmir Valley including traders, transporters and people connected with the tourism trade want immediate economic packages from the government or immediate financial assistance so as to make their survival possible. Kashmir-based traders said, “We will wait till the Covid situation stabilises and submit a comprehensive proposal to the government for a financial package to revive the economy.”