New Delhi: Floods in Jammu and Kashmir have caused a loss of around Rs.5,700 crore with heavy damages to trade, hotels, restaurants, horticulture and handicraft, Assocham said Sunday.
"The total losses are estimated to be Rs.2,630 crore for hotels, trade, agriculture and horticulture, roads and bridges, while infrastructure like railways, power and communication would have suffered a loss of around Rs. 2,700-3,000 crore," Assocham said in a statement.
"These are only initial estimates and the real loss will be much higher," its secretary general D.S. Rawat said.
He said the biggest worry was that tourist confidence had been shattered after the floods.
"It is all the more difficult in states where the economy is heavily dependent on tourism related sectors like trade, hotels, eateries and transport."
According to the report, all bookings for airlines and hotels up to Oct 15 have been cancelled.
Tourist arrivals in the state between September and November, both from India and abroad, have been severely affected, the statement said.