J&K Loses Business worth Rs. 10,000 Crore Since Scrapping of Article 370

New Delhi, October 27, 2019:

Jammu & Kashmir has lost business worth Rs. 10,000 Crore since abrogation of Article 370, according to Kashmir Chamber of Commerce and Industry (KCCI).

President of the trade body, Sheikh Ashiq, reportedly, said that the running business losses have surpassed Rs. 10,000 Crore and all the sectors have been hit severely. He added that people have not been continuing with their businesses since the Centre scrapped Article 370.

However, Ashiq said that there had been some activity, but the business was dull. The nature of losses is yet to be established, according to the trade body.

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The Kashmir Chamber of Commerce and Industry has informed the authorities about the requirement of internet to boost the business scenario in Kashmir, as per reports. It has expressed concern over J&K’s weakening economy and the dire consequences in the long run.

The KCCI President said that the government should take the responsibility for the huge losses and adopt appropriate measures and steps to mitigate the sufferings of the businessmen.

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Ashiq further raised the alarm that Jammu & Kashmir will face technical issues like GST, online returns, etc. He said that there should be a system to deal with such issues.

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