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Economy in Asia   The Economic Survey 2016

Kashmir economy sees $2.3 billion loss in 5 months

KashmirIndian-controlled Kashmir's economy suffered a loss of over $2.3 billion due to the curfews and shutdowns called by the separatist alliance during the summer of 2016, a government report said.

The Economic Survey 2016 report tabled by the local government in the region's law-making body, which is currently in session, said the general estimates of the losses caused due to turmoil in 2016 over a period of five months from July 8, 2016 to November 30, 2016 were estimated at more than $2.3 billion.

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According to the report, the cost of security-related expenditure was above the losses caused during this period.

"Roughly the hartals engulfed the whole valley for more than five months and the continuous hartals, stone throwing, and curfews have resulted in the loss of tourist season from July 2016 to October 2016 and the loss of working season with 116 days out of the total 180 days (May to October) in 2016," reads the report.

The report reveals that the region's transport sector was the worst-hit.

"There are 4,500 passenger buses, 3,853 taxis, 24,223 trucks, 1,86,477 private cars, 210,236 two-wheelers and the brunt of curfews and shutdowns fell on all types of vehicles," the Economic Survey 2016 report says.

"Even the railways closed its services from Banihal to Baramulla, which has partly been restored from November 18, 2016."




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