Workers should help government revive economy: Indian Inc

Last Updated: Thu, Feb 21, 2013 12:30 hrs

New Delhi, Feb 21 (IANS) Industry chambers Thursday asked workers to work with the government to revive the Indian economy rather than disrupting business and economic activities.

"CII has been expressing concerns about the high and rising inflation, which has of late shown signs of moderation, and has provided room for RBI (Reserve Bank of India) to cut interest rates. At such a time, when conditions are becoming conducive for reviving the investment cycle, both the workers and industry should make a concerted effort to work with the government to revive the economy rather than create disruptions," Adi Godrej, Confederation of Indian Industry (CII) president, said in a statement.

For the second straight day, the nation-wide strike called by trade unions significantly disrupted economic and industrial activity in many parts of the country. "It is not clear how the Bandh (strike) would address the issues that are sought to be resolved through it," wondered Godrej.

He said the two-day strike might have caused more than Rs.20,000 crore loss to the Indian economy, although the exact loss to trade and business activity was difficult to ascertain.

The Associated Chambers of Commerce and Industry (Assocham) said the violence during the two-day strike would shake investors' confidence in the Indian economy.

"The pictures showing burning of cars and other industrial property spread all over the print, electronic and social media really scare the investors," said Assocham secretary general of D. S. Rawat.

Assocham pegs the loss to the economy due to the two-day strike at Rs.26,000 crore.

Rawat said such strikes should be avoided in view of the difficult macro-economic situation prevailing in the country.

"A loss of about Rs.26,000 crore estimated by the Assocham should have been avoided at a time when the economy is battling one of the worst slowdowns," he said.

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