Bandh cost Rs12,500cr: Be firm, industry tells govt
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Thursday's Bharat Bandh called by the Opposition parties cost the country Rs10,000-12,500 crores by disrupting trade and production, according to estimates by chambers of commerce and industry.
“While an exact loss for the entire economy is not known, it can be estimated that almost Rs12,500 crores has been lost due to disruptions in production and trade,” the CII said.
Assocham, another apex chamber, said the bandh almost paralysed the Indian economy and eroded India’s already-slowing GDP with production lost an entire day, which can be roughly estimated at Rs10,000 crores.
Industry bodies urged the government not to go back on reforms due to political pressure. CII president Adi Godrej said it was not often that bold measures were announced that would take economic reforms to the next level.
With FDI in multi-brand retail allowed, companies like Wal-Mart are expected to open stores in India in a short time. Crisil, the rating agency, has estimated that foreign investments up to $2.5-3 billion will come into this sector in the next five years.
In 2011-12, organised retail accounted for seven per cent of the $430 billion Indian retail industry.
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