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Lockdown in Kashmir causes economic loss of over $1 billion

Lockdown in Kashmir causes economic loss of over $1 billion

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Since August of this year, the Indian government has kept the disputed territory of Jammu and Kashmir on lockdown and it has now been reported by a trade body in the region that the economic loss of this has surged to over $1 billion.

The Kashmir Chamber of Commerce and Industry has reported that due to the shutdown, development in the region has been halted as markets and businesses have closed down either in protest or in fear of attacks from insurgents.

The estimated economic loss of this was a billion rupees ($1 billion dollars) in September but according to the trade body’s senior Vice-President, it has now surpassed that figure.

The VP said they would try to appoint an external agency to assess the losses because it ‘is beyond us’ adding that due to the telecommunications block in the region, it has been impossible to reach business owners to prepare estimates.

In addition to blocks to telecommunication links, the Indian government has put restrictions on travel and have sent thousands of armed troops into the region citing ‘security concerns’. This has resulted in major backlash from the international sphere.

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