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'Bharat Bandh costs nation around Rs 10K Crores'

Monday, July 05, 2010 07:16:00 PM, PTI

Shutdown Call disrupts normal life across the country: The 12-hour "`Bharat Bandh" called by the National Democratic ..... Read Full

Bharat Bandh called by opposition against fuel price hike begins

Bring down the 'level of arrogance': Jaitley to UPA

New Delhi: Stating that the national strike called by the Opposition against fuel price hike has cost the economy around Rs 10,000 crore, the industry today said the protest is "odd and absurd".

"It (bandh) is not justified at all. Political parties interfering and disturbing day-to-day work is not at all appropriate. The protest is quite odd and absurd. They will only lose their political ground," Godrej Group chairman Adi Godrej told PTI.

According to Assocham, the strike eroded the national GDP "by a production loss of nearly a full day which in monetary terms can be roughly estimated at Rs 10,000 crore."


The calculation is based on assumption that the GDP would stay around Rs 50 lakh crore with a growth rate of over 8 per cent in current fiscal, Assocham added.


The Confederation of Indian Industry (CII) on the other hand estimated the total loss to the economy on account of the national strike “would be greater than Rs 3,000 crore.”

The entire Opposition has called a national strike on Monday against the recent Rs 2 per litre hike in diesel prices and decontrolling of petrol prices that led to an increase in price by Rs 3.5 a litre.

While stating that the increase in prices of petroleum products will naturally put some additional burden on the common man, Bajaj Auto chairman and Rajya Sabha member Rahul Bajaj said, “I believe the government had no choice but to take this step, which was long overdue. Otherwise, oil companies would have been in serious difficulty.”

He, however, said bandhs are against national interest and also cause serious inconvenience to the common man.

“I can understand some protests by the Opposition parties to this step. However, I am against bandhs,” he added







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