IOK witnesses economic losses around $1.5 billion since aug 5 » Kashmir Media Service

Srinagar, November 19 (KMS): In occupied Kashmir, economic losses have run well around 1.5 billion dollars since India revoked special status of Kashmir in August, the main trade body in the territory said, adding that it planned to sue the Indian government for damages.

The Kashmir Chamber of Commerce and Industry (KCCI) said development was elusive, thanks to a protracted shutdown after people closed markets and businesses as a mark of protest against the Indian action.

It estimated economic losses ran into at least 100 billion rupees ($1.40 billion) by September, but now exceeded that, said Nasir Khan, KCCI senior vice president.

“We’ll ask the court to appoint an external agency to assess the losses, because it is beyond us,” said Khan, adding that India’s telecommunications blackout in the region meant the body could not reach business owners by telephone to prepare estimates.

Instead, it had to send staff to meet them and gather details.

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