Jammu and Kashmir suffers Rs.50 bn loss: Assocham

August 23rd, 2008 - 6:26 pm ICT by IANS  

New Delhi, Aug 23 (IANS) The current bout of unrest in Jammu and Kashmir has cost the industry Rs.50 billion ($1.16 billion) in the past two months, a leading industry chamber said here Saturday.”The social and political unrest, completely disrupting industrial activities in the last two months, has jeopardised the state’s economy with industrial losses mounting over Rs.5,000 crore (Rs.50 billion),” said the Associated Chambers of Commerce and Industry (Assocham).

Assocham secretary general D.S. Rawat said the state’s key industrial sectors - tourism, carpet, cottage, dry fruits and food processing - had suffered huge losses due to the continuing unrest over allocation of land to the management of board of a Himalayan shrine and the subsequent revocation of that allocation.

“Losses will further mount if the agitation does not subside. Exports will completely cease and the state will be driven towards complete economic upheaval,” Rawat said in a statement.

As per an earlier assessment by the industry body, exports from the Jammu region suffered by at least 30 percent.

Assocham projected that a peaceful Jammu and Kashmir could attract fresh investments of Rs.280 billion with export potential of around Rs.130 billion by 2012.

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