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| 3 minutes read

3 minutes read

How Much Loss J&K Economy Has Suffered After 84 Days Of Article 370 Decision

| Published on October 28, 2019

On August 5, Prime Minister Narendra Modi surprised everyone around the world when he announced his government’s decision to abrogate the controversial article 370 of the constitution.

The state of Jammu and Kashmir was subsequently divided into two union territories- Ladakh and Jammu and Kashmir.

The government claims that stripping the state of its special status will provide a solution to the long-drawn ‘Kashmir’ problem. It was also of the opinion that this move will benefit all the residents of the state and country alike.

The mandate shutdown that crippled the economy

When faced with questions of human rights- after stopping the region of internet and cable connections – the government claimed that the move was temporary and restrictions will be lifted in some time.

The ensuing shutdown imposed in the valley caused all the markets to be closed. Much to the dismay of local businessmen, it was the tourist season. Their source of livelihood was completely disrupted.

The shutdown continues?

It has been 84 days since the shutdown was imposed. The markets are still closed and local businessman are looking for ways to earn bread for their families. The main streets possess an eerie silence as people are afraid to come out of their house.

The valley’s economy has been completely crippled in these three months. The local business has suffered an estimated loss of Rs. 10000 crores. Some shopkeepers gather the courage to open their shops in the early morning or late evening hours but that’s it. Public transportation is off the roads and the people are mostly surviving on goods they had purchased before the shutdown.

The bump in the IT sector

The IT sector is one amongst many emerging sectors in Kashmir. Some companies are providing their services to parts of Europe and America. However, due to lack of internet access, these companies have been completely shut down and the owners are suffering huge losses.

Unemployment on a rise?

Though there are no official records, locals claim that the unemployment rate in Kashmir is higher than ever before. Restaurants, IT companies, and Hotels are the few industries that have had to fire a large number of employees to make up for the losses. This has rendered many people out of money and on the verge of absolute poverty.

The handicraft sector has also been terribly disturbed. The local weavers and artisans are receiving no new orders for the Christmas period, as is normal during this time of the year. This is mainly due to lack of connectivity. Weavers across Kashmir are now out of jobs.

Tourism is the main source of income for hundreds of Kashmiris. But due to the unrest, tourists are unwilling to visit the place despite the government’s assurance of normalcy. Locals fear that the tourism sector will take a long time to recover because of the tourists’ fears.

In such a dire situation, the local businessmen in Kashmir have little to do but pray for things to go back to the way they were.

Source: https://www.news18.com/news/business/jk-economy-cripples-as-kashmir-businesses-suffer-rs-10000-crore-hit-after-84-days-of-lockdown-2363883.html

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