J&K's tourism likely to suffer loss of Rs 3,000 cr

The PHD Chamber of Commerce and Industry estimates that Jammu and Kashmir's tourism sector will suffer a loss of Rs 3,000 crore due to the devasting floods in the state.

The PHD Chamber of Commerce and Industry estimates that Jammu and Kashmir's tourism sector will suffer a loss of Rs 3,000 crore due to the devasting floods in the state.

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In a press statement issued on Tuesday, PHD Chamber's executive director Saurabh Sanyal said that an assessment by the PHD Research Bureau, the research arm of the organisation, pointed out that that while the state expected to earn Rs 14,000 crore from the tourism industry, 20% of this has already been washed away due to the torrential rains and the resultant floods.

Tourism accounts for 15% of the state's GSDP. Nearly 60% of J&K's population is wither directly or indirectly dependent on the sector. Around 60% of the total population of J&K is estimated dependent on tourism sector either directly or indirectly, the research said.