Kashmir trade body estimates loss due to flood at Rs 60,000 crore

A leading Kashmir-based trade body has in its preliminary assessment estimated the loss caused by floods in the Valley at above Rs 60,000 crore and urged insurance companies to take immediate steps to assess the financial loss and disburse the insured sum.

PTI| Last Updated: Sep 18, 2014, 18:30 PM IST

Srinagar: A leading Kashmir-based trade body has in its preliminary assessment estimated the loss caused by floods in the Valley at above Rs 60,000 crore and urged insurance companies to take immediate steps to assess the financial loss and disburse the insured sum.

"Although the feedback received through preliminary assessments from various quarters puts the direct and indirect losses above Rs 60,000 crore, a more detailed assessment would follow," Kashmir Chamber of Commerce and Industry president Sheikh Aishiq Ahmad said in a statement.

KCC&I is deliberating upon the "charter of requisitions" such as involvement of international bodies specialising in disaster recovery, aid and rebuilding infrastructure, he said.

Ahmad said it is imperative that people start evaluating their losses at the earliest despite their personal suffering while citing the scale of devastation and impending winter as reasons behind his appeal.

"It is imperative that we start the process of rebuilding and rehabilitation without any delay," he said.

In this hour of crisis, KCC&I appeals to all trade bodies to unite and ensure that the business community demonstrates it's resilience, he said.