Hyderabad, April 01: The on-going communal disturbance in Hyderabad for the last three days resulted in the lost of about Rs.1,000 crore.
According to rough estimates, the city has suffered financial loss on several accounts. All shops and establishments in the Old City have remained close since the trouble intensified on Monday. There are over 50,000 shops in the areas which are presently hit by violence. They include the prominent markets like Pathergatti, Lad Bazar, Charminar and Mir Alam Mandi.
Besides having huge retail business, these traders of these markets are also engaged in wholesale business at a large scale. Despite their congested looks, the shops in these markets do whopping turnovers of several crores every month. Now these areas are under curfew. Due to communal disturbances, the business in these markets will not be normal at least for a week, even if the curfew is lifted tomorrow.
Further, these traders will also lose heavily due to postponement of marriages in Hyderabad. Most of the people have postponed the marriages for over month due to disturbances in the city and obviously, will prefer to shop when the situation become totally normal. Pathergatti and other markets near Charminar are famous for marriage shopping. People from other districts and even neighboring states like Karanataka and Maharashtra come to these markets for shopping. But instead of coming to a tensed area, they would shop elsewhere.
The Asia’s biggest wholesale market Begum Bazar will be the worst hit. Tuesday’s violent incidents have hit its reputation. Since most of the traders who shop in Begum Bazar come from outside the city or state, they would prefer to stay away till the conditions become normal. Other commercial areas like Abids, Koti, Siddiamber Bazar, Afzalgunj or Nampally, which are under curfew now, will be also remain affected. It will take a very long for the shop-keepers and traders to recover from these losses.
Similarly, many cinema halls in the city are not running all shows. The second show is off in almost all the theaters and huge crowds are not expected till peace is completely restored in the twin cities of Hyderabad and Secunderabad. The shopping malls or cineplexes like Prasad’s Imax, Hyderabad Central, PVR Cinemas, Inox or GVK One Mall registered a huge drop in footfall in the last three days and this may continue for the next one week or more.
The State is also set to lose huge money due to these riots. It is already spending a few crore rupees per day to enforce curfew and maintain law and order. Deployment of additional forces from outside the state too will have a huge cost. The state-run Road Transport Corporation is already hit very badly. It either canceled or reduced the number of services and it will continue to do this till normalcy is returned. The education department will have to spend more on conducting the canceled examinations.
In addition, the rioters have destroyed private properties worth several crores. Cars and bikes were set ablaze and glass panes of building and cars got damaged in stone pelting incidents. Of course, the victims can expect some money from insurance, but in most cases, the individuals will have to suffer the loss. Further, more than 150 people have been injured in violent incidents and the cost of their treatment will also run into a few crores.
The citizens of Hyderabad and Secunderabad should pray and hope for immediate peace. Else, every passing day will bring more losses to them.
-Agencies