Chennai floods loss pegged at approximately Rs 25,000 crore

MUMBAI, INDIA: As the rain water subsides in Chennai, businesses are busying themselves counting the losses caused but the torrential downpour that rocked the state since last month.

While the specific number will emerge at a later date, a Times of India report has pegged the losses at approximately $20 million. According to the TOI report, mid-size firms faced losses to the tune of $5-10 million for mid-sized firms, whereas large enterprises have suffered losses upwards of $40-50 million.

According to media reports, the automobile sector has been hit the hardest with estimated losses to the tune of $2.5 billion (Rs 15,000 crore), as factories and offices of Hyundai, Renault-Nissan, Ashok Leyland and Royal Enfield remain closed. Considering Chennai is a hub for automobile manufacturers, the loss may be greater, the reports said.

Besides, small and medium enterprises, engineering, textiles and tourism sectors have also been badly hit. There are 6.89 lakh registered MSMEs in the state, which collectively produce 8,000 different products and contribute revenue of Rs 32,000 crore to the state exchequer.

Overall, total losses for industries and business in Tamil Nadu is expected somewhere between Rs 20,000 to Rs 25,000 crore, the media reports noted.