Islamabad, June 09 (KMS): The economy of Indian illegally occupied Jammu and Kashmir has been worst hit since unlawful abrogation of Article 370 by Modi-led fascist Indian government on August 5, 2019.
A report released by Kashmir Media Service, today, said that Indian military siege and the subsequent lockdowns have crippled the economy in the territory while every business suffered at least a 50% drop in earnings in 2020.
The report referred to the findings of the Srinagar-based trade body Kashmir Chamber of Commerce and Industry (KCCI) and said that IIOJK overall suffered losses of thousands of crore rupees on a daily basis. Kashmiri people have almost reached to the level of starvation after India’s 5th August 2019 moves as every sector suffered equally.
The report said that the IIOJK economy suffered $5.51 billion in one year while it endured a loss of $2.46 billion during first 4 months after 5th August 2019 illegal action.
Economic losses in the Kashmir Valley in 2020 were about INR 40,000 crore in Indian currency, the report added. The fact is, India is systematically destroying IIOJK economy to starve the Kashmiris, it maintained.
As per one estimate, over 5 lac Kashmiris lost their jobs between June 2020 and March 2021.