Kashmir Shutdown After Scrapping Of Article 370 Caused Losses Of Over $1 Billion, Says Trade Body news18.com
Economic losses in Kashmir have run well over a billion dollars (around Rs 7,100 crore) since India revoked its autonomy and statehood in August, the main trade body in the Himalayan region said, adding it planned to sue the government for damages. India bifurcated its erstwhile state of Jammu and Kashmir into Union Territories, tightening control in a shock move it said would rein in militancy in the region also claimed by neighbouring Pakistan, and promote its development.
But the Kashmir Chamber of Commerce and Industry (KCCI) said development was elusive, thanks to a protracted shutdown after people closed markets and businesses as a mark of protest, and for fear of reprisals from insurgents. It estimated economic losses ran into least $1.40 billion by September, but now exceeded that, said Nasir Khan, its senior vice president.
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