Exports to take Rs 18,900-crore hit due to Maharashtra Covid-19 curfew: AIAI

According to Mumbai-based All India Association of Industries, the restrictions will impact over Rs 7,500 crore in tax revenue and the Centre will lose over Rs 15,000 crore

Losses due to the 15-day curfew imposed in Maharashtra to curb the spread of Covid-19 would be enormous and affect exports to the tune of Rs 18,900 crore, said Mumbai-based All India Association of Industries (AIAI).

According to AIAI President Vijay Kalantri, the manufacturing output might take a Rs. 17,817-crore hit over the curfew. Maharashtra makes up 20% of India's total merchandise exports.

The restrictions will impact over Rs 7,500 crore in tax revenue and the Central government will lose over Rs 15,000 crore, Kalantri said.

Read: Covid-19 curbs to shave $1.25 billion a week off India's economy; 140 bps from Q1 GDP: Report

AIAI further stated that Mumbai alone contributes 32% to the direct tax collection of the Government of India. This translates to Rs 3.5 lakh crore collected annually.

Kalantri further stated that the curfew would adversely impact investment, employment and jobs.