Business Today

Valley business losses mount to Rs 21,000 cr in 85 days

The separatist sponsored agitation in Jammu and Kashmir has affected every sector including tourism, handicrafts and the nascent industries.

twitter-logo PTI   Srinagar     Last Updated: September 16, 2010  | 12:53 IST

The 80-day period of shutdowns and curfews in the Valley has dented the economy of Jammu and Kashmir by a whopping Rs 21,000-crore as the separatist sponsored agitation has affected every sector including tourism, handicrafts and the nascent industries.

Several established and upstarting manufacturing companies, hotels and restaurants have laid off staff due to prolonged agitation which is showing no signs of ending.

"We do not have the exact data but lay offs have taken place mostly in the hotel and restaurant sector and the travel trade," President of Kashmir Chamber of Commerce and Industry (KCCI) Nazir Ahmad Dar said.

Dar said although reducing the number of employees in the hotel industry was a common practice during the winters due to lean tourist arrivals, this year the lay offs have started at the peak of the tourism season in July.

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close