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Strike may cause Rs.26,000 crore loss to Indian economy: Assocham

Posted on Feb 20, 08:28PM | IANS

New Delhi, Feb 20 : The two-day nationwide strike by trade unions that turned violent at places on its first day Wednesday and led to disruption of essential services, including banking and transport, will cause a loss of Rs.26,000 crore to the Indian economy, industry estimates showed.

According to a study done by the Associated Chambers of Commerce and Industry (Assocham), almost half of the country's economic activities were hampered on the first day of the two-day strike.

"In the wake of more than expected disruption, we estimate the loss to the GDP in today and tomorrow's Bandh to be in the region of Rs.25,000-Rs.26,000 crore -- near 50 percent of the economic activity," Assocham said in a statement.

Industrial activities and banking and transport services were badly hit by the strike, which has been called by the leading trade unions to protest against the price rise and other issues affecting the workers.

Attendance in major factories and offices was poor leading to low production. With city transport being affected adversely, footfalls in the retail trading markets also considerably declined, even though some of the markets remained opened.