Monday July 22, 2019
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All India Strike has caused India a loss of Rs. 25,000 crores

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By NewsGram Staff Writer

New Delhi: An estimated loss of Rs. 25,000 crores has happened to the Indian economy due to the all India strike so far, The Associated Chambers of Commerce and Industry of India (Assocham) reported.

“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,” Assocham secretary general D.S. Rawat said.

“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,” he added.

credits: livechennai
credits: livechennai

Normal life was hit in many states on Wednesday as millions of industrial and blue collar employees struck work in the first nationwide protest since Prime Minister Narendra Modi took power more than a year ago.

Leaders of central trade unions which called the day-long strike claimed “unprecedented success” as banks, insurance companies and state-run as well as private factories shut across the country. Transport unions and traders too joined the protest in many places, leading to the closure of educational institutions and thin attendance in government offices.

“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,” Rawat said.

The industry chamber feels the poor daily wage earners will be the worst affected.

“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,” Rawat said.

The strike is in support of 12 demands, including withdrawal of labour law amendments, a minimum wage of Rs.15,000 a month and against privatisation of public sector units. Unions said about 300 million workers were involved in the protest.

“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.

(With inputs from IANS)

 

  • Indie Boy

    I think the staggering numbers come from erroneous calculations. Those who wanted to spend today would do it tomorrow. May be restaurants and stock markets are the main ones affected. Else, not sure if there is real loss.

Next Story

Samsung Refreshes its Galaxy A Series in India

It would be available in ghost white, phantom black and angel gold colours

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To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Samsung India on Thursday refreshed its Galaxy A series with Galaxy A80 with the world’s first rotating triple camera, priced at Rs 47,990.

The Galaxy A80 has a 3,700 mAh battery and features Qualcomm Snapdragon 730G Octa-Core chipset and comes with Samsung Pay.

“Galaxy A80 has the world’s first rotating triple camera with 48 Megapixels. It allows brilliant quality images and videos to be captured on both front and rear cameras,” Aditya Babbar, Director, Mobile Business, Samsung India, said in a statement.

The Galaxy A80’s selfie mode in the camera app makes its three cameras pop-up and rotate. The camera is also capable of shooting ultra wide videos with super steady mode and has a 3D depth camera that offers “Live Focus” videos.

The device comes with the company’s new 6.7-inch FHD+ Super AMOLED “Infinity Display”.

Samsung, Home, Privacy
Arvin Baalu, vice president of product management at Harman International, talks about the Samsung Digital Cockpit during a Samsung news conference at the 2019 CES in Las Vegas, Jan. 7, 2019. VOA

Coupled with 8GB RAM and 128GB onboard memory, it runs Samsung’s own One UI interface on top of Android Pie OS.

The battery comes with 25W super-fast charging technology and USB Type-C.

Also Read: Survey: Only Half of Indian Women Able to Pursue Career of their Choice

Galaxy A80 would go on sale starting August 1 across retail stores, e-Shop, Samsung Opera House and all leading online channels.

It would be available in ghost white, phantom black and angel gold colours. (IANS)