Valley’s economy dented by Rs 8,416 cr, says trade body

Tribune News Service

Srinagar, May 17

The Kashmir Trade Alliance (KTA) on Sunday said the two-month-long lockdown had dented the Valley’s economy by Rs 8,416 crore. The trade body said the losses were expected to mount ahead of Eid and it would soon release a detailed report on the losses incurred.

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“This interim calculation is based on the 60 days of Covid-19 lockdown which started on March 19. The total tentative losses in the period have been calculated at Rs 8,416.2 crore,” said KTA chief patron Farooq Ahmed Dar.

While the markets would bustle with shoppers ahead of Eid-ul-Fitr, likely to be celebrated on May 25, Dar said the losses would increase in the coming days due to the prevailing lockdown. President of the trade body Aijaz Shahdhar said the Kashmir Economic Alliance would publish the final report on the business losses in Kashmir after the end of the lockdown in the Valley.