India vs Pakistan War: Who has lost?

In late April 2025, 26 Hindu pilgrims were killed in a horrific terrorist attack in Kashmir's Pahalgam region. India blamed the Pakistan-backed militant groups Lashkar-e-Taiba and Jaish-e-Mohammed for the incident. In response, India launched air and missile strikes on Jaish-e-Mohammed bases inside Pakistan, codenamed "Operation Sindh". The attack killed at least 18 Pakistani military personnel and destroyed several key military installations, including a drone control center and two command and control hubs. Pakistan retaliated with "Operation Bunyan-ul-Marsus", attacking strategic Indian airbases in Udhampur, Srinagar and Pathankot. The conflict lasted for four days and resulted in casualties and huge economic losses on both sides.

India says that 50-70 of its soldiers were killed and about 150 were injured in this war. Pakistan's attack damaged India's Srinagar, Udhampur and Pathankot airbases, as well as the Chandigarh arsenal and the S-400 air defense unit in Adampur. In terms of civilian losses, about 30 civilians were killed in missile attacks in various Indian cities and hundreds of houses were destroyed. India's economic losses are extensive. About $ 82 billion in capital was lost in the stock market due to the war. Both the National Stock Exchange (Nifty 50) and the BSE Sensex suffered major losses. About $ 8 million was lost every day due to the closure of airspace in northern India. The IPL was suspended, resulting in a loss of $ 50 million in revenue. About $ 100 million was spent on military operations and another $ 400 million was lost due to the damage to the Rafale fighter jet. In total, India's estimated total losses are about $ 83 billion.

On the other hand, Pakistan also suffered major losses in this war. The Indian attack killed 18 of its military personnel and injured more than 50. Residential areas, schools and hospitals were damaged in Indian missile strikes in the Islamabad, Lahore, Rawalpindi and Quetta areas. At least 65 civilians were killed and about 200 others were injured. Although the economic damage to Pakistan was relatively small, it had a major impact on the country's weak economic situation. The KSE-100 stock index fell by 4.1 percent, resulting in a loss of more than $2.5 billion in capital. The suspension of the Pakistan Super League (PSL) caused a loss of $10 million and the closure of airspace caused a loss of $20 million in commercial aviation. The military sector spent about $25 million per day, and the total cost of drones and missiles amounted to $300 million. In total, Pakistan's estimated total losses were about $4 billion.

The war caused extreme concern in the international community. About 30 countries, including the United States, China, and Saudi Arabia, called for a ceasefire on both sides. A ceasefire finally came into effect on 10 May, although allegations of ceasefire violations surfaced within the next 24 hours. Although the military conflict has ended, tensions remain between the two countries. The two countries have announced efforts to find a path to lasting peace through talks at the DGMO (Director General of Military Operations) level. Analysts say the conflict has shown that a peaceful political solution, not a military one, can bring about lasting stability in the long term.