Kashmir incurred Rs 8,400 cr loss due to covid lockdown: Report

Kashmir suffered Rs 8416.2 crore losses during the first two months of the covid19 lockdown, said a report released by Kashmir Trade Alliance (KTA) on Sunday.

The report which has calculated losses suffered by 12 different sectors of economy in Kashmir reveals that the general trade has suffered the highest losses at Rs 1620 crore.

   

On number two is the industrial sector which, as per the report, has suffered Rs Rs 1248 crore losses.

The Eid business, which starts one week before the festival, is estimated to be Rs 300 crore in the Valley. This has also taken a major hit.

Speaking with Greater Kashmir, Chief Patron, KTA, Farooq Dar said that the Alliance had constituted a loss assessment committee to prepare a consolidated report.

“The committee consulted stakeholders from different sectors and took into consideration the annual turnover of each sector,” said Dar. The interim report prepared by the KTA covers 60 days’ lockdown period w.e.f. 19 March to 17 May 2020.  The report puts daily losses across the Valley in 12 different sectors at Rs 1.40 crore.  While losses in agriculture, horticulture, floriculture and sericulture have been estimated to be at Rs 372 crore, the livestock sector has witnessed a total loss of Rs 882 crore, the report says.

“In a normal situation, the Valley used to receive 40-50 truckloads of livestock from outside mandis with a net worth Rs 4 cr – Rs 5 cr. Amid the lockdown we have been receiving only 4-5 truckloads of livestock as most of the outside mandis are closed. This has impacted the livestock industry badly,” says Dar.

As per the loss assessment report the production units in Kashmir have suffered Rs 1248 crore loss.

The report says construction sector has suffered Rs 874.2 crore losses while hotel and restaurant industry has incurred Rs 300 crore losses.

The transport sector as per the report has suffered Rs 1140 crore losses. “More than 50,000 commercial vehicles have been off the roads, which has badly affected the livelihood of drivers, conductors and vehicle owners. This has struck in a huge body blow to the transport sector of the Valley,” says the report.

It says  real estate, housing and land-related businesses have suffered Rs 900 crore losses so far while the Tourism has suffered Rs  510 crore loss during the last two months and handicrafts Rs 300 crore.

The services sector losses, according to the report, have been estimated at Rs 240 crore while the education sector has suffered Rs 30 crore losses.

“The total tentative losses for the survey period have been calculated at Rs 8416.2 crore approximately,” it said.

KTA is a constituent of a faction of Kashmir Economic Alliance. The KEA will publish full and final report after the end of current lockdown.

Leave a Reply

Your email address will not be published. Required fields are marked *

sixteen + eighteen =