India Inc pegs bundh loss to economy at Rs 13,000 crore

The apex chamber of trade and industry Ficci estimated the loss caused to the economy due to nation-wide strike close to Rs 13,000 crore. As per an estimate made by Assocham the opposition led “Bharat Bundh” almost paralysed country’s economy causing a loss of Rs 10,000 crore.

Asocham Secretary General D S Rawat said the strike eroded country’s Gross Domestic Product (GDP) by a production loss of nearly a full day which in monetary terms could be roughly estimated at Rs  10,000 crore. This is based on assumption that India’s GDP would stay around Rs 50 lakh crore with a growth rate of over 8 per cent in current fiscal.

The other apex chamber of industry CII estimated that the total loss to the economy on account of the bundh would be greater than Rs 3,000 crore. Ficci said in most of the industrial states such as Karnataka, Maharashtra, West Bengal, Gujarat and in parts of Andhra Pradesh, industrial activity was severely affected.  Assocham said the loss to the economy could be huge as the  manufacturing and services in most part of the country remained suspended because of the strike. Based on feedback it received from it’s various affiliates in states like West Bengal, Maharashtra, Gujarat, Karnataka, Punjab and Bihar, the chamber said economic activities including movement of goods came to virtual halt due to nation-wide strike. CII Director General Chandrajit Banerjee said the  day-long strike had led to “significant impact” on business and trade in some parts of the country.  

“As is the case with any bundh, the worst affected are daily wage earners and people dependent on small trade. The transport sector is also another part of the industry, which has had a major impact,” he said.

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