Economy in IIOJK suffered huge losses in last two years: NC

Srinagar, October 29 (KMS): In Indian illegally occupied Jammu and Kashmir, the Jammu and Kashmir National Conference (NC) has said that every sector of the economy in the territory has suffered losses in the last two years.

The NC General Secretary, Ali Muhammad Sagar, addressing delegations of party workers from North and South Kashmir in Srinagar said the present administration in the territory has been unsuccessful in kick-starting the sagging economy.

“Our local economy was already on death bed, the subsequent clampdown and lockdowns post 2019, have further abated any return of the local economy to the pre-August 2019 position, let alone putting it on the path of growth,” he added.

The economic crisis in Kashmir, Sagar said began with the floods in 2014, followed by the demonetization and then successive sieges. “Local economy has suffered from the double whammy of natural catastrophes and man-made disasters as well. The crippling impact of 2014 deluge, GST implementation, price rise, Covid-19 induced curbs and resultant instability and chaos has made it difficult for the businesses to spring back,” he maintained.

Ruling out any signs of economic revival on the horizon, he said that the tourism sector that includes houseboat owners, hoteliers, transporters, and many from the informal economy has been crippled by the sieges.

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