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Bharat bandh means Rs. 12,500 cr loss to country: CII

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CIOL Bureau
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BANGALORE, INDIA: The nation-wide strike against thegovernment decision to allow foreign direct investment (FDI) in multi-brandretail and hike diesel prices is estimated to cause losses of Rs. 12,500 crore(2.25 billion USD) to the Indian economy, the Confederation of Indian Industry(CII) said on Thursday.

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"Today's bandh (strike) has been disruptive forbusiness and trade in many parts of the country. While an exact loss for theentire economy is not known, it can be estimated that almost Rs. 12,500 crorehas been the loss to the country in terms of disruptions in production andtrade," the CII said.

The industry association said the government should not rollback the recent reform measures under political pressure.

"Good economics seldom makes for good politics and therefore,it is important to communicate to the masses the merit and necessity of thereform measures announced by the government," the CII said.

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Adi Godrej, president, CII, expressed hope that partiesacross the political spectrum would work to ensure that the much neededeconomic reforms were carried out in the country.

"It is not often that bold measures are announced totake economic reforms to the next level and whenever such announcements havebeen made, there have been pain felt by many," Godrej said in a statement.

"But the merits of the reforms that were firstinitiated in the early Nineties are there for everyone to see. Irrespective ofwhichever political party has been in the government since then, the reformshave not been reversed," he added.

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