Pakistan News

J&K's Article 370 Scrapped: Pakistan's Market Crashes To Record Low Days After It Cut Trade Ties With India

Written By Navashree Nandini | Mumbai | Published:


  • Pakistan's economy is in dire condition
  • Pakistan has expelled Indian envoy, broke diplomatic ties
  • India scrapped Article 370 that provided special status to Jammu and Kashmir and bifurcated the state into two Union Territories

Even as Imran Khan and his government is taking numerous actions against India after the scrapping of Article 370, claiming that it is illegal to decide on a conflicted area, economy in Pakistan continues to deteriorate. On Thursday, the stock market in Pakistan was a record low - as it went down by 800 points. Incidentally, Pakistan cut off trade ties following J&K integration. It is being said that ever since India integrated with J&K by revoking Article 370, its market has gone down. 

India scrapped Article 370:

The Narendra Modi government on August 5 revoked Article 370 which gave special status to Jammu and Kashmir. Both the upper house and the lower house of the Parliament approved the resolution abrogating Article 370 for J&K and a bill to bifurcate the state into two union territories, Jammu and Kashmir and Ladakh, with Home Minister Amit Shah saying the controversial provisions were responsible for poverty and lack of development in the state. Ministry of External Affairs also briefed the envoys of the P5 nations -- the US, the UK, China, France and Russia -- about Indian government's decision to scrap Article 370 and bifurcate the state into two union territories.

READ: J&K's Article 370 scrapped: Pakistan officially cites Congress in its attempts internationalise India's internal affairs

Pakistan's reaction after Article 370's abrogation:

After normalcy has been restored in Kashmir, a panicky and isolated Pakistan has expelled Indian envoy Ajay Bisaria from the country. As per sources, Pakistan has also decided to not send its High Commissioner-designate who was supposed to take charge in August. In a series of other moves by the neighbouring country, it has decided to downgrade ties with India. It has also decided to suspend bilateral trade with India and review all bilateral arrangements with India. Pakistan has also said that it will take India's internal matter of Kashmir to United Nations, including the Security Council. It has also decided to observe 14 August, its Independence Day in solidarity with 'Kashmiris'. and declared August 15, India's Independence as 'Black Day'. It has on Thursday decided to stop Samjhauta Express - a train service between India's Attari and Pakistan's Lahore.

READ: J&K's Article 370 scrapped: UN snubs Pakistan, says 'no comments' on Pak letter claiming Kashmir an international issue