ASSOCHAM, CII and CAIT have raised alarm bells on the economic losses the country is facing due to the farmers’ protests.
ASSOCHAM (Associated Chambers of Commerce and Industry of India) estimated a daily loss of Rs 3,000-3,500 crore because of the protests, CAIT (Confederation of All India Traders) said that trade and other activities to the tune of Rs 5,000 crore have been affected. The CII (Confederation of Indian Industry) claims logistics costs have been pushed up by 8% – 10%.
It has said that the economies of Punjab, Haryana, Delhi, Himachal Pradesh and Jammu and Kashmir are bearing losses. “The ongoing protests are dealing a big blow to the interconnected economies of the region, including Punjab, Haryana and Himachal Pradesh,” it said.
On Monday, the Confederation of Indian Industry (CII) had said the farmer agitation has led to supply chain disruptions, which will impact the economy in the coming days and may impinge upon the ongoing recovery from the economic contraction due to COVID-19.
The Farmers had already threatened government that they have blocked all 5 main entry points of Delhi and won’t let any movement unless they get to meet the top government ‘official’ precisely PM Modi over the crisis. The situation seemed more like an extortion than a protest.
The very pricisely planned protests, already knew as to what will happen when the main entry points to Delhi are blocked which is why they aimed surrounding Delhi instead of going into the capital (which was their first motive).
According to an estimate, about 30 to 40% 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’ body stated.