With curfew like situation in J&K after the abrogation of Article 370 last week, traders body revealed that they incurred losses with Rs.1000 crores.
“The average loss of business per day in Kashmir today is to the tune of at least Rs 175 crore as life has come to a standstill due to the restrictions imposed by the authorities,” a member of the Kashmir Chamber of Commerce and Industry (KCCI) said.
The trade body leader requested anonymity as “I do not want any trouble from the authorities”.
Bakeries and livestock dealers have been the worst-hit by the restrictions as people are not able to come out of their homes to make purchases. The bakery owners stand to suffer losses to the tune of Rs 200 crore as their products have a lesser shelf life, he was quoted saying.
A bakery owner in the Karan Nagar area said he stands to lose more than one crore in a week.
“I have an inventory of Rs 50 lakh and overhead costs of Rs 20 lakh. Since there are no sales to show for, the interest on bank loans will break the back of my business,” he said.
A livestock dealer, who came to Kashmir with his herd of goats and sheep in the hope of making some profit through sale of sacrificial animals on the eve of Eid-ul-Azha, said he will go back to Poonch with most of it remaining.
“Last year around this time, I had sold off all my herd and was headed home to celebrate Eid with my family. This year I have sold only 15 of the 200-odd goats I had brought along,” Ahmad said.