One day strike cost Rs 25,000 crore to economy: ASSOCHAM

03 Sep 2015 Evaluate

Apex industry body ASSOCHAM expressing its disappointment has said that the day long nationwide strike of trade unions impacted normal life in various parts of the country affecting the functioning of services like banking, power supply, oil and gas, transport, warehousing and other services causing seismic effect on the economy and also said such 'disruptive' actions can hit India's image as an attractive business destination. Assocham Secretary General D S Rawat said the financial impact of the disruption of essential services might lead to an estimated loss of over Rs 25,000 crore to the economy, taking into account the direct and indirect losses.

Rawat added that the strike is likely to hit industrial activity due to poor workers attendance. Besides, a big jolt would accrue to the export cargo thereby throwing crucial delivery schedule to haywire, with exports being under pressure, such things like strike would give a further setback. He said that the poor daily wage earners whose plight cannot be assessed in monetary terms would be the most affected.

Banking services were among the worst hit as 23 public sector banks, 12 private sector banks, 52 regional rural banks and over 13,000 cooperative banks joined the strike. However, staff of SBI, Indian Overseas Bank, ICICI Bank, HDFC Bank and Axis Bank chose to stay away from the strike. This could hamper banking transactions which are crucial for the conduct of business operations especially in areas which are serviced by branch banking operations.

Mr Rawat further said that 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. 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.

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