Rs 4,000 crore: The estimated cost Bengaluru would pay for two bandhs in a week
As per the report, industry bodies estimates indicate that these two bandh days have cost the state approximately Rs 4,000 crore in losses. This economic setback could potentially hinder Karnataka's progress towards its goal of becoming a $1 trillion economy, especially when it has just started to recover from the impact of the pandemic, the industry bodies said.
BC Prabhakar, President of the Karnataka Employers Association (KEA), told TOI, «Bandhs hurt the livelihood of people.
They can never be an option for any issue, be it sentimental or political. While we truly believe in the cause and sentiment behind the Cauvery issue, bandhs are not the answer.
Let there be protests but not a bandh.»
Prabhakar emphasized that apart from the economic consequences, bandhs could also damage Bengaluru and Karnataka's credibility, affecting international commitments and orders. KEA has decided not to take a formal stance on the bandh and has advised its 720 member companies to determine their course of action based on the local situation.
The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) pointed out that it would take at least a week for businesses to recover from the losses incurred during a single day of closure.
Ramesh Chandra Lahoti, President-Elect of FKCCI, also said, «One day closure by only the trading community amounts to a Rs 100 crore loss in GST collection to the state exchequer. Consider this multiple times across all spheres of economic activities.»
In light of the cause and sentiments behind the Cauvery issue, approximately 80 per cent of industries in Bengaluru have agreed to remain closed on Tuesday, September 26th.
