Srinagar: The unprecedented lockdown in Kashmir after the central government's historic decision to read down Article 370 and downgrading the state of Jammu and Kashmir into two Union Territories, has led to economic and development crises.
Before abrogation of the article, Jammu and Kashmir’s development indicators--from life expectancy to infant mortality, literacy and poverty to economic development--were better than the national average and many other top states of India.
The only worrying issue was lack of inflow of private investment, which analysts say, was not because of the existence of Article 370 but because of the decades of uncertain political and security situation.
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The unilateral decision by the BJP government was vehemently opposed by the political parties in Jammu and Kashmir. And one year after, they question the BJP over the development narrative floated by it in defence of the abrogation of the Article 370.
People’s Democratic Party, which still demands the restoration of special status and pre-August 5 status of Jammu and Kashmir, said after the abrogation of Article 370 Jammu and Kashmir have seen "fulfilment of BJP and RSS’s agenda" but no development.
"Post abrogation of Article 370, contrary to the claims of BJP that Jammu and Kashmir will witness development, we have seen only BJP and RSS’s agenda being fulfilled. Be it rehabilitation of refugees from West Pakistan, issuing domicile certificates. Unemployment has increased, the economy has crippled. The situation of Jammu and Kashmir has only worsened,” Rouf Dar, PDP leader in Srinagar, told ETV Bharat
Economy and development analyst Ejaz Ayoub said the shutdown imposed after August 5 led to a halt in development and economic activities in Jammu and Kashmir, which was further aggravated by COVID-19 lockdown.
He said that Jammu and Kashmir has suffered 40-45 thousand crore losses to the economy due to which job losses happened.
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"Economy of Jammu and Kashmir has crippled. Gross Domestic Product (GDP) of JK is -20. Unemployment rate as per Center for Monitoring Indian Economy has gone up to more than 22 per cent. No investment has come. Even the Global Investment Summit could not be held," he told ETV Bharat.
"For investment, there should be political stability and infrastructure logistics. Abrogation of Article 370 won’t bring economic stability or investment unless there is political stability," he added.
