Farmers' Agitation: Rs 500 Crore Daily Loss to Northern States - PHDCCI
By Rediff Money Desk, NEWDELHI Feb 16, 2024 21:48
The PHDCCI estimates a daily economic loss of Rs 500 crore due to the ongoing farmers' agitation, impacting northern states like Punjab, Haryana and Delhi. The agitation is severely affecting MSMEs in the region.
New Delhi, Feb 16 (PTI) Industry body PHDCCI on Friday said it apprehends "severe hit" to trade and industry and loss of employment in the northern states from a lingering farmers' agitation which would result in economic losses of over Rs 500 crore daily.
"A lingering agitation will cause Rs 500 crores economic loss daily and will have an impact on Q4 Gross State Domestic Product (GSDP) of northern states majorly Punjab, Haryana and Delhi," said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
The industry body looks forward to an early resolution of the issues from both the government and the farmers, with a common consensus for the welfare of all in the country, he added.
Agrawal stated that the farmers' agitation is severely impacting the businesses of the Ministry of Micro, Small and Medium Enterprises (MSMEs) in Punjab, Haryana, Delhi and parts of Uttar Pradesh and Rajasthan as raw materials of such units are procured largely from other states to execute production processes and to meet up demand of the consumers.
The major hit will be on the MSMEs in Punjab, Haryana and Delhi.
"The combined GSDP of Punjab, Haryana and Delhi is estimated at Rs 27 lakh crore in 2022-23 at current prices. There are around 34 lakh MSMEs in Punjab, Haryana and Delhi which employ about 70 lakh workers in their respective factories," said Agrawal.
The economic activities such as the food processing, cotton textiles, garments, automobile, farm machinery, information technology, trading, tourism, hospitality and transport will be severely impacted by the continuous farm agitation with the disrupted supplies of many raw materials to the industry, he observed.
"A lingering agitation will cause Rs 500 crores economic loss daily and will have an impact on Q4 Gross State Domestic Product (GSDP) of northern states majorly Punjab, Haryana and Delhi," said Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
The industry body looks forward to an early resolution of the issues from both the government and the farmers, with a common consensus for the welfare of all in the country, he added.
Agrawal stated that the farmers' agitation is severely impacting the businesses of the Ministry of Micro, Small and Medium Enterprises (MSMEs) in Punjab, Haryana, Delhi and parts of Uttar Pradesh and Rajasthan as raw materials of such units are procured largely from other states to execute production processes and to meet up demand of the consumers.
The major hit will be on the MSMEs in Punjab, Haryana and Delhi.
"The combined GSDP of Punjab, Haryana and Delhi is estimated at Rs 27 lakh crore in 2022-23 at current prices. There are around 34 lakh MSMEs in Punjab, Haryana and Delhi which employ about 70 lakh workers in their respective factories," said Agrawal.
The economic activities such as the food processing, cotton textiles, garments, automobile, farm machinery, information technology, trading, tourism, hospitality and transport will be severely impacted by the continuous farm agitation with the disrupted supplies of many raw materials to the industry, he observed.
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- Srestha Finvest
- 0.89 (+ 4.71)
- 84074150
- Jaiprakash Power Ven
- 22.89 (+ 3.34)
- 47620916
- Spicejet Ltd.
- 65.25 ( -0.78)
- 27318841
- AvanceTechnologies
- 0.90 (+ 4.65)
- 26883863
- Vodafone Idea L
- 9.32 (+ 1.41)
- 26185410
MORE NEWS
Pakistan & Saudi Arabia Sign USD 2.2 Billion...
Pakistan and Saudi Arabia have signed USD 2.2 billion investment deals in multiple...
Indian Student Becomes 'British High...
Delhi University student Nidhi Gautam experienced a day as the British High...
Samsung Workers Detained, Released: CITU...
Samsung India Electronics workers and CITU leaders were arrested and released after...