ASSOCHAM estimated J&K floods caused losses of 5700 crore rupees to state’s economy

The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on 14 September 2014 estimated that floods in Jammu & Kashmir have caused losses of 5700 crore rupees to the State’s economy. The estimated loss is about 10 percent of the State’s Gross Domestic Product (GDP).

Further, the hardest hit industries by the floods include trade, hotels, restaurants, horticulture, and handicrafts besides basic infrastructure of power, railways and communication.

ASSOCHAM in its estimation distributed the state’s economic loss into two parts, and they are
• About 2630 crore rupees: due to the loss of hotels, trade, agriculture- horticulture, roads and bridges in the Jammu and Kashmir regions
• About 2700 to 3000 crore rupees: due to destruction of high-cost Railways, power and communication in the hilly terrains

However, ASSOCHAM said that the real loss to the economy of Jammu and Kashmir will be much higher, which would be seen in the later days.

Comment: One of the worst floods of Jammu and Kashmir in last 60 years has not only disrupted the life of people and thrown out the infrastructure like railways, communication and power, but it also raised a question that does the human attitude and efforts to disturb nature to fulfill his/her desire is a challenge for the next generation?