Loss Due To T Issue: Rs. 10,000 Cr
The renewed Telangana struggle in the past 2 weeks has already resulted in a tangible loss, of goods and services, worth more than Rs. 10,000 crore, claims ASSOCHAM.
Hyderabad | 28th September 2011
Leading industry body ASSOCHAM (Associated Chambers Of Commerce And Industry Of India) on Wednesday claims that the renewed struggle for statehood by Telangana regional groups in the past 2 weeks has already resulted in a tangible loss, of goods and services, worth more than Rs. 10,000 crore.
According to ASSOCHAM Secretary General D S Rawat, the opportunity losses due to the general strike could be even higher.
"Sectors like IT/BPO, KPO, manufacturing, power and hospitality are the worst hit, which may shake the overall business environment," he said.
"The Sakala Janula Samme has led to frequent power outages, and the public transport system has come to a virtual standstill. This has pushed up industrial costs by over 15% and dented Andhra Pradesh's image as a lucrative investment destination," Rawat said.
Rawat was also apprehensive that such strikes could also result in massive job losses and social unrest.
ASSOCHAM has appealed to the Centre and the state government to take urgent measures to ensure that there are no disruptions in terms of industrial production, and that businesses are not impacted. (INN)
filed in: Telangana, ASSOCHAM, Industry & Business, Hyderabad Commerce