SRINAGAR, Indian-controlled Kashmir, Jan. 11 (Xinhua) -- Indian-controlled Kashmir's economy suffered a loss of over 2.3 billion U.S. dollars due to the curfews and shutdowns called by the separatist alliance during the summer of 2016, a government report said.
The Economic Survey 2016 report tabled by the local government in the region's law-making body, which is currently in session, said the general estimates of the losses caused due to turmoil in 2016 over a period of five months from July 8, 2016 to November 30, 2016 were estimated at more than 2.3 billion U.S. dollars.
According to the report, the cost of security-related expenditure was above the losses caused during this period.
"Roughly the hartals engulfed the whole valley for more than five months and the continuous hartals, stone throwing, and curfews have resulted in the loss of tourist season from July 2016 to October 2016 and the loss of working season with 116 days out of the total 180 days (May to October) in 2016," reads the report.
The report reveals that the region's transport sector was the worst-hit.
"There are 4,500 passenger buses, 3,853 taxis, 24,223 trucks, 1,86,477 private cars, 210,236 two-wheelers and the brunt of curfews and shutdowns fell on all types of vehicles," the Economic Survey 2016 report says.
"Even the railways closed its services from Banihal to Baramulla, which has partly been restored from November 18, 2016."
The report mentions non-earning of transporters due to curfews and shutdowns resulted in non-payment of bank loans and the consecutive default in repayment of loans to banks resulted in increase in Non Performing Assets (NPA) of the banks.
The curfews and shutdowns reduced the per-capital Gross Domestic Product (GDP) growth of the region and reduced Foreign Direct Investment (FDI) inflows, exports and trade flows, the report said.
The report has given a detailed breakups of other sectors and government departments, including infrastructure sector, construction activities, labor and employment, power, animal and sheep husbandry, forest sector, housing and urban development, public health engineering, irrigation and flood control.
Indian-controlled Kashmir witnessed massive anti-India protests for five months last year. Over 90 people most of them teenagers were killed and more than 14,000 injured, including those blinded and maimed, in police and paramilitary shooting while controlling public protests.
The unrest was triggered following the killing of a top militant commander of Hizbul Mujahideen (HM) Burhan Muzaffar Wani on July 8 with government forces.
Anti-India sentiment runs deep in the psyche of majority of Kashmiris.
Indian-controlled Kashmir Chief Minister Mehbooba Mufti strongly defended the government forces and initially claimed only 5 percent people in restive region were resorting to agitation and remaining 95 percent people want to resolve the Kashmir issue through peaceful means.
The life in the region was crippled due to government curfews and prolonged separatist protest calendars. Authorities placed separatist leaders and hundreds of their supporters under detention to contain the protests.
A separatist movement and guerrilla war challenging New Delhi's rule is going on in Indian-controlled Kashmir since 1989.
Kashmir, the Himalayan region divided between India and Pakistan, is claimed by both in full. Since their Independence from Britain, the two countries have fought three wars, two exclusively over Kashmir.
The months of turbulence in Indian-controlled Kashmir added a new confrontation in the already strained relations between the two countries.
