Jammu and Kashmir: The economy lost 1.39 billion dollars in 100 days

UNITED STATES (OBSERVATORY NEWS) — The Chamber of Commerce and Industry of Jammu and Kashmir, the Indian-controlled part of the region, estimated the losses of the economy and business, over the past 100 days, about 1.39 billion dollars (100 billion Indian rupees).

The chamber attributed the losses to the curfew and restrictions imposed by India on this part of the region since 5 August last, after the abolition of New Delhi’s autonomy and enjoyed a kind of autonomy.

The head of the Anatolian Chamber of Commerce, Sheikh Ashiq, said the business sector had been “hit hard to recover,” adding that the suspension of Internet services was the “main factor” behind the disruption of Jammu and Kashmir’s economy.

He added: “There are no commercial transactions currently in Jammu and Kashmir, people are trying to rise to live, everything has been hit hard, whether the IT sector or even handicrafts.”

He pointed out that “the loss of 100,000 citizens jobs, against the backdrop of losses suffered by the economy during the past 100 days, amounted to more than 1.39 billion dollars.”

With regard to the abolition of New Delhi the special status of Jammu and Kashmir, “Ashiq” that the old situation of the region was giving them a sense of security.

“We somehow felt that something was taken from us, which is why we saw spontaneous reactions from business people who closed shops, even after the (Indian) government partially lifted the restrictions.”

On August 5, the Indian government abolished the provisions of Article 370 of the Constitution, which grants self-rule to the state of Jammu and Kashmir, under its control from the region.

The article also gives Kashmiris alone in the state, the right to permanent residence, as well as the right to employment in government departments, to own, and to receive educational grants.

The Indian-controlled part of Jammu and Kashmir, known as the Jammu and Kashmir, includes resistance groups struggling since 1989 against what they see as an “Indian occupation” of their areas.

Its inhabitants have been demanding independence from India and joining Pakistan since the two countries gained independence from Britain in 1947 and have been divided by the Muslim-majority region.


This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY — Breaking news source, real-time coverage of the world’s events, life, politics, money, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.