Covid19 lockdown costs Rs 270 cr per day to J&K

The covid19 lockdown is causing an estimated Rs 270 crore loss daily to J&K economy, which was badly battered by over four-month long clampdown following abrogation of Article 370 in August 2019.

Acuite Ratings & Research Limited, a Credit Rating & Research company, has pegged per day losses on account of lockdown across India to Rs 35,000 crore.  The company is registered with the Securities and Exchange Board of India (SEBI), and accredited by Reserve Bank of India (RBI) as an External Credit Assessment Institution (ECAI), for Bank Loan Ratings under BASEL-II norms.

Taking its figures as benchmark, the loss to J&K, which accounts for 0.77 per cent of India’s GDP, comes to Rs 270 crore of which Kashmir’s share is estimated at Rs 150 crore approximately as its contribution to state GDP is over 55 percent.

The Jammu and Kashmir’s GDP is pegged at 1.30 lakh crore per annum.

The centre government has announced lockdown across the country in view of pandemic coronavirus.