Srinagar, April 22, 2020 (PPI-OT): In occupied Kashmir, the already battered economy of the territory is suffering an estimated loss of Rs 270 crore per day due to COVID-19 lockdown, says a report by an Indian Credit Rating and Research company. Acuite Ratings and Research Limited, a Credit Rating and Research company in India, in a report pegged per day losses on account of lockdown across India at Rs 35,000 crore.
The company is registered with the Securities and Exchange Board of India (SEBI), and accredited by Reserve Bank of India (RBI) as an External Credit Assessment Institution (ECAI), for Bank Loan Ratings under BASEL-II norms.
The report said that After the lockdown imposed by India on august 05, last year, when it repealed the special status of in occupied Kashmir, the economy of the territory suffered loss to the tune of Rs 17,878 crore in four months from August to November. The losses had been assessed on the basis of Jammu and Kashmir’s gross domestic product of 2017-18.
Due to the continuous losses in Kashmir, borrowers of financial institutions have lost their capacity to fulfill their commitments and a substantial number of accounts have turned bankrupt with many business establishments having closed down or are contemplating closure, it added.
The report maintained that the tourism sector, one of the backbones of Kashmir economy, is in shambles while artisans and weavers are jobless. Last year’s clampdown had also hit farming, horticulture and the arts and crafts that contribute the most to Kashmir’s export-oriented economy, it added.
For more information, contact:
Kashmir Media Service
Phone: +92-51-4435548, +92-51-4435549
Fax: +92-51-4861736
Email: info@kmsnews.org
Website: www.kmsnews.org