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Strike costs Rs.25,000 crore to the Economy

Owing to the nationwide strike on Wednesday called by major ten trade unions, financial impact of the disruption of essential services might lead to an estimated loss of Rs.25,000 crore to the economy.

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.”

A day-long nationwide strike today impacted normal life in various parts of the country with coal production, banking operations and transport services being hit the most, while violent clashes erupted in West Bengal resulting in arrest of over 200 persons.

“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,” Rawat added.

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.