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Abrogation of Article 370: Business sector suffers Rs 5,000 crore loss in Kashmir alone

Abrogation of Article 370: Business sector suffers Rs 5,000 crore loss in Kashmir alone
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Srinagar: Kashmir has been witnessing total slump in business due to abrogation of Article 370 by Government of India in the first week of August sparking spontaneous shutdown across the length and breadth of the Valley.
Industrial sector is incurring huge losses while some of the plants are on the verge of closure. An official of Industries department said that the industrial sector in Kashmir has suffered Rs 5,000 crore losses since scrapping of Article 370 and bifurcation of Jammu and Kashmir into two union territories by central government on August 5.
“The losses will mount as this strike goes on. One is uncertain about the prevailing situation. The movement of private vehicles and presence of vendors are no measuring parameters of normalcy in Kashmir,” he said.
Kashmir Valley has 14 industrial estates, where over 21,000 manufacturing units have been set up. The manufacturing units comprise cement plants, food processing units, wood-based units, milk, mineral water, etc. About 7 lakh people are employed and working in different capacities.
“About one lakh are regular and permanent staff while six lakh are contractual employees,” the official added.
He said that all the manufacturing units in Valley have virtually stopped all kind of works since August 5.
“There are some units like milk that are operating. But these units have reduced their production drastically due to the prevailing uncertainty,” the official said. (KNT)

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