Kashmir’s economy suffers body blow,Rs 6400 cr loss in 49 days

Srinagar, Aug 26 (PTI) The ongoing unrest in Kashmir hasled to a whopping Rs 6,400-crore loss to the economy of theValley, with businesses being badly hit due to curfew andseparatist sponsored strikes. Tourist and other business activities in Kashmir havecome to a halt for the past 49 days after protests erupted inKashmir following the killing of Hizbul Mujahideen commanderBurhan Wani in an encounter with security forces in southKashmir’s Anantnag district on July 8. Clashes between protesters and security forces haveclaimed the lives of 66 people and left thousands of othersinjured. Shops, business establishments, private offices andpetrol pumps have been shut as the separatists groups havecalled for a complete strike to protest the civilian deaths inthe violence after Wani’s killing. The separatists have announced periods of relaxation, butthey are usually in the night which does not help the traderswho allege that there have been instances of masked youths oreven security forces forcing the shopkeepers to down theshutters. "Kashmir is suffering losses of about Rs 135 croredaily. This estimates to over Rs 6,400 crore so far," MohammadYaseen Khan, president Kashmir Traders and ManufacturersFederation (KTMF), said here. Khan, however, said these figures were based on the dailybusiness six months ago. He said the trader community wants the Kashmir issue tobe resolved permanently The state government has suffered revenue losses close toRs 300 crore in the past one-anda-a-half months. "The collection of levies and taxes has come downdrastically since the unrest began. The sales tax collectionhas been the worst hit," an official in the Finance departmentsaid. Similarly, tourism, considered to be the mainstay ofKashmir’s economy, has also come to a stand still. "People are turning away from Kashmir due to the unrest,"a tourism player said here. He said that hotels and houseboats were empty and famoustourist spots were looking desolated. An official of the Tourism Department, who did not wishto be named, admitted that tourism in the Valley was ondecline but said they were "helpless". "What can we do? The department is helpless. We cannotgo outside the state and ask people to visit the Valley. "How can we even expect people to visit the Valley whenthe situation is such," the official said. Till this situation is addressed and the issue resolved,the tourism would continue to be affected, he said. PTI SSBMIJRT