Jammu and Kashmir ban caused more than USD 1 billion loss: KCCI
The clampdown has hit tourism as well as farming, horticulture and the arts and crafts that contribute the most.
Srinagar: Economic losses in Kashmir have run well over a billion dollars since India revoked its autonomy and statehood in August, the main trade body in the Himalayan region said, adding that it planned to sue the government for damages.
India turned its erstwhile state of Jammu and Kashmir into a federally-controlled territory, tightening control in a shock move it said would rein in militancy in the region also claimed by neighbouring Pakistan, and promote its development.
But the Kashmir Chamber of Commerce and Industry (KCCI) said development was elusive, thanks to a protracted shutdown after people closed markets and businesses as a mark of protest, and for fear of reprisals from insurgents.
It estimated economic losses ran into least Rs 10,000 crore ($1.40 billion) by September, but now exceeded that, said Nasir Khan, its Senior Vice President.
“We’ll ask the court to appoint an external agency to assess the losses, because it is beyond us,” said Khan, adding that telecoms blackout in the region meant the body could not reach business owners by telephone to prepare estimates. Instead, it had to send staff to meet them and gather details.
India’s Home Ministry and local government officials did not respond to requests for comment.
The clampdown has hit tourism as well as farming, horticulture and the arts and crafts that contribute the most to its export-oriented economy.
“I don’t see any stability for many months here,” said Vivek Wazir, who runs a hotel in Srinagar. “There’s too much uncertainty.”