Strike call: Estimated loss to economy pegged at Rs 25,000 crore, says Assocham

KOLKATA: Apex industry body Assocham has estimated a loss of Rs 25,000 crore to the economy due to the strike call given by central trade unions on Wednesday. It has urged the central trade unions to call off their one-day nationwide strike as it is likely to seriously affect the functioning of various essential services like banking, power supply, oil and gas, transport, warehousing and other vital public services causing seismic effect on India’s economy.

"Financial impact of the disruption of essential services might lead to an estimated loss of over Rs 25,000 crore to the economy thereby taking into account the numerous direct and indirect losses," said Mr D.S. Rawat, secretary general of Assocham.

"The strike is likely to hit industrial activity due to poor workers' attendance, besides footfall in retail trading markets will fall as the walkout will severely impact public transport and with bank employees remaining on strike it will affect operations at the banks," said Mr Rawat.

"A big jolt would accrue to the export cargo thereby throwing crucial delivery schedule to haywire, besides with exports being under pressure, such things like strike would give a further setback," he said. "Worst affected would be the poor daily wage earners whose plight cannot be assessed in monetary terms," added Mr Rawat.

"Labour reforms are necessary and the government should intervene to come to an agreeable solution in the interest of the industry and the nation as a whole," he said.

"Somehow, the trade unions and other stakeholders need to get a feeling of reassurance that labour reforms are meant to enhance employment opportunities and not take away the jobs and that overall objective is to strengthen jobs because it is only through enhanced consumer power that the industry can grow," he added.

"Immediate efforts must be made at the macro policy level to ensure that process of economic reforms, of which labour laws are an important component is not adversely affected," further said Mr Rawat.