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January 30, 2001
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Gujarat quake to cost nation up to
Rs 250 billion

Friday's devastating earthquake may have caused a loss of up to Rs 250 billion by way of damage to property and industry, apart from a daily production loss of up to Rs 10 billion, according to leading industry chambers.

Gravely concerned over the extensive loss of lives and property, the industry chambers have appealed to their members to donate in cash and kind, even as it demanded that government should stringently implement construction code to prevent recurrence of such disasters.

"Based on estimates of losses of different types, Federation of Indian Chamber of Commerce and Industry (FICCI) fears the quake damage to be of the order of Rs 200-250 billion," FICCI President C Amin said on Tuesday.

Another apex body Confederation of Indian Industry (CII), said that in the area outside the Kutch region, the damage to property has been extensive in many buildings and the loss is estimated at Rs 15 billion.

"Over the next seven days the industrial units are expected to operate only at 50 per cent of its current capacity," it said adding that the economic loss for industry was primarily on account of several employees leaving the area and support services being paralysed.

Associated Chamber of Commerce and Industry (ASSOCHAM) said that the losses sustained by the industry due to disruption of production, sales, transport and communications and revenue to the state and the exchequer would be over Rs 10 billion a day.


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