Industry organisation Assocham on Tuesday appealed to the Centre and farmers’ outfits to resolve their issues regarding the new agri-marketing laws, as the protests are affecting the economies of Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir.
“A daily loss of Rs 3,000-3,500 crore is resulting in the economies of the region from the value chain and transport disruption because of the protests,” the chamber said in a rough estimate.
Assocham President Niranjan Hiranandani noted, “The size of the combined economies of Punjab, Haryana, Himachal Pradesh and J&K is about Rs 18 lakh crore. With the ongoing farmers' agitation and blockade of roads, toll plazas and railways, the economic activities have come to a halt.”
The Confederation of Indian Industry (CII) on Monday had said that the protests have led to a disruption of the supply chain, which will impact the economy in the coming days and may impinge upon the ongoing recovery from the economic contraction in view of Covid-19.
Hiranandani also observed that industries such as textiles, auto components, bicycles, sports goods which cater significantly to the export markets would not be able to fulfil their orders, ahead of Christmas, harming the industry's goodwill among the global buyers.
“Recovering from the harsh Covid-19 blow, the Indian economy needs to double down on growth which is possible only with a conducive environment for industrial activities, investment including the Foreign Direct Investment,” Assocham said.
The Confederation of All India Traders (CAIT) said in the last 20 days, trade and other activities of about Rs 5,000 crore have been affected in Delhi and its surrounding states.
According to an estimate, about 30 to 40 per cent of the goods coming to Delhi have been affected by the movement of farmers, which is adversely affecting the trade and other activities of Delhi and neighbouring states, the traders' outfit stated.