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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.

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TikTok Still Unavailable on Google, Apple App Stores: Report

TikTok refused to share anything more than what it had said on Wednesday

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TikTok
The logo of the TikTok application is seen on a screen in this picture illustration taken Feb. 21, 2019. VOA

TikTok remained unavailable for download on both Google Play Store and Apple’s App Store on Thursday – a day after the Madras High Court’s Madurai Bench lifted the ban on the short video-sharing app.

Sources in the Ministry of Electronics and Information Technology said that official communication to the technology companies would be made after it receives the court directive.

The IT ministry had earlier asked Google and Apple to block the app following the Supreme Court’s refusal to stay the Madras HC’s call for ban on the app on April 3.

Deciding the case filed by advocate Muthukumar, the Madurai Bench on Wednesday vacated its interim order banning the app, subject to conditions that pornographic videos will not be uploaded on it, failing which contempt of court proceedings would begin.

Owned by Chinese company ByteDance, TikTok claims to have over 120 million monthly active users in India.

tiktok
TikTok has over 54 million monthly active users (MAUs) in India. Pixabay

A search for the app on Google Play Store and Apple’s App Store on Thursday did not yield any result.

While Google and Apple refused to share any official statement, the companies would be able to reinstate the app only when they receive an official directive revoking the ban.

Also Read- Facebook Actively Working on Launching WhatsApp Pay Soon

TikTok refused to share anything more than what it had said on Wednesday.

“We are glad about this decision and we believe it is also greatly welcomed by our thriving community in India, who use TikTok as a platform to showcase their creativity,” TikTok had said. (IANS)