“The ban on mining will lead to devastating effects like higher inflation due to shortage of steel, additional foreign exchange loss of $12 billion a year and negative impact on GDP to the tune of $ 8.5 billion,” said Assocham in its letter to the PM. Any interruption in supply of iron ore to steel industry will result in job loss for 80,000 workers and several lakh others who are indirectly employed, said its secretary general D S Rawat in his letter.