"The grave implications of highly virulent Avian influenza virus (H5N1) on the Asia's economy was increasingly becoming a cause of alarm," Hill & Associates said in a white paper on Avian flu.

Sectors like business process outsourcing, IT, banks and manufacturing - all heavily dependent on people - would be the hardest hit if Avian flu were to turn into a pandemic, it said.

"This should be especially be worrisome for India, which is riding the wave of economic resurgence on the strength of a vibrant BPO and knowledge economy base," it said.

"Sound contingency planning, communication with people at all levels and monitoring of trigger points in tune with WHO guidelines and local measures taken by government will be key to effective crisis management by companies," Ashis Sonal, H&A country manager (India) said.

The pandemic would have a more profound and intangible psychological effect on organisation's key assets, its people and trigger a wave of paranoia, it said.

"A robust contingency plan will help organisations minimize loss and disruption and ensure business continuty," Sonal said.

The H&A said it was not possible to predict when one scenario would move into the next during the various stages of the pandemic outbreak, organisations with functional crisis management plans would be in a better position to mitigate risks and ensure business continuity, he said.