From Our Special Correspondent
Daijiworld Media Network - Bangalore

Bangalore, Feb 19: The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has appealed to all the Central Trade Unions to call off their two-day strike as it was  bound to result in a huge blow to the country’s economy leading to an estimated financial loss of Rs 15,000 to Rs 20,000 crore from the nation-wide disruption in economic activity.

While the ASSOCHAM shared the concern of the Central Trade Unions and the entire working class over the rising prices, its President Rajkumar Dhoot reminded the Trade Unions that their disruption of the economic activity all over the country would cause huge losses on the national economy, which was already battling slowdown and the after-effects of the inflationary pressures.

The ASSOCHAM chief said the two-day nation-wide strike would further aggravate the price situation because of disruption in the supply line of essential commodities and the country was not in a position to bear such huge financial burden.

The strike would cripple mostly the services sector like banking, insurance and transport, besides the industrial production.

Dhoot pointed out that even the farming sector and all agriculturists, already groaning due to the vagaries of monsoon and other consequent ills, would be affected as the movement of vegetables, highly perishable items, would be disrupted.

The ASSOCHAM has estimated the national loss figures based on the daily erosion of about 30-40 per cent to the country’s Gross Domestic Production (GDP) for two days.

The national GDP for the current financial year is projected to be about Rs 95  lakh crore.

In other words, Dhoot said the loss would be around Rs 26,000 crore per day and Rs 52,000 crore for two days.

Of the entire estimated loss of Rs 52,000 crore for two days, the strike would directly result in a causing the loss of at least 30-40 per cent or roughly Rs 15,000 crore to Rs 20, 000 crore.

“Given the nature of the strike and involvement of the all the five major central trade unions, it is going to affect largely the services sector including the banking, financial services, tourism, transportation etc, which are the major contributors to the country’s GDP,” Dhoot mentioned.

He pointed out that States like West Bengal, Kerala, Maharashtra, Gujarat, Tamil Nadu, Delhi, Haryana, Karnataka and parts of Uttar Pradesh were likely to be affected significantly.

In addition, he said banking operations including the cheque clearances and some segments of the financial markets would take a hit.

The disruption in railways and other public transportation in major cities would hit the movement of the workforce and the cargo operations at the ports.

ASSOCHAM has appealed to leaders of Central Trade Unions, especially CITU, AITUC, INTUC and BMS, to engage with the government and find amicable solutions to the issues raised by them.

Dhoot also appealed to the government to immediately engage with the labour unions to find out amicable solutions to the issues raised by them.