Srinagar
In Indian illegally occupied Jammu and Kashmir, the Kashmir Trade Alliance (KTA) on Sunday said the Valley’s economy suffered a loss of Rs 45,000 crore during the past one-year lockdown.
An online report released by the Trade Alliance in Srinagar, today, said, trade in the Valley has suffered a total loss of Rs 21,320.64 crore in the past five months as a result of the lockdown caused by the Coronavirus in the Valley since March 18.
The Alliance says the final report will be released after the lockdown ends. The interim report was compiled after covering the daily trade, business and gross domestic product (GDP) for 2017-18 and the economic outlook.
According to the report, the agriculture, horticulture, floriculture and agriculture sector suffered a loss of Rs 942.4 crore during the five months of the catastrophic downpour, as a result of which the sector was hit hard in 2019. livestock suffered a loss of Rs. 2234 crore, 40 lakhs. Lockdown proved to be the last nail in the coffin of an already dying Production industry. In total, the sector incurred a loss of Rs. 3161 crore, 60 lakhs during the lockdown period.
The lockdown brought construction activities to a standstill, leaving 500,000 people jobless. Construction activities and projects were hit by Rs 2,214.64 crore. Trade Alliance said thousands of people lost their jobs, hotels looked deserted, houseboats were locked and shikara and other tourist activities ceased.
Tourist traders were waiting for tourists in 2020, but the lockdown and the situation have dashed their hopes, and in the last five months alone, the sector has lost Rs 1,292 crore, while the hotel and Restaurants also suffered a loss of Rs 760 crore.—KMS
