The Hindu Business Line : Shaken by blasts, chambers line up plans to meet crises

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Shaken by blasts, chambers line up plans to meet crises

Shailesh Menon

India is a safe destination, India Inc tells foreign investors

Bracing up
CII is charting out a comprehensive `security cover' programme against terrorist attacks in leading metros.
FICCI plans to work in tandem with various Government Departments to improve infrastructure in Mumbai.
It is also working towards developing an econometric model to assess losses arising out of stirs, riots, natural calamities, and subversive activities.

Mumbai , July 13

First came the torrential rain, then a rampaging mob, followed by a series of bomb blasts that killed over 200 people - Mumbai has seen it all in a little over a week.

Now, almost all major business and trade-related organisations have begun formulating plans to tide over similar crises that may weaken the economy and drain resources.

Some have already embarked on efforts to neutralise the negative effects of the terror strike and mob fury in Mumbai.

"Such incidents will definitely have a bearing on trade and economy. The CII, through its offices abroad, has informed policy makers and major foreign investors that India is a safe country to trade with and invest in," said a CII spokesperson.

The CII is also charting out a comprehensive `security cover' programme against terrorist attacks in leading metros.

The export sector has been hit the hardest due to these internal troubles and natural calamities. Some exporters have reportedly lost orders from foreign clients after the blasts.

Mr Sarathkumar Saraf, Chairman of the Federation of Indian Export Organisations (FIEO), said: "Foreign buyers and investors are fearful of having trade ties with Indian exporters after the riot and suburban rail bomb blasts. This feeling will not be permanent, but it will definitely harm us in the initial stages. We are constantly getting in touch with our clients abroad and reassuring them that everything is fine here."

Around 40 per cent of global trade in India is done via Mumbai. The city accounts for nearly 45 per cent of the total income-tax collected from all over the country.

"If Mumbai is hit, the pain will be felt all over the country. We will liaise with various Government agencies to bring about a change in the whole system," said Mr Sushil Jiwarajka, Chairman, FICCI Western Region Council.

FICCI plans to work in tandem with various Government Departments to improve infrastructure in the city and help Government prepare security and disaster management plans.

It is also working towards developing an econometric model to assess losses arising out of stirs, riots, natural calamities, and subversive activities. "If we can assess losses correctly, we will be able to plan better for future," said Mr Jiwarajka.

The Mumbai Development Committee under the Indian Merchants' Chamber (IMC) plans to gather the support of all other business chambers and work for better infrastructure in Mumbai.

"We will try to solve sewage and other infrastructure problems after taking up the matter with the State Government. Reconstruction activities will be carried out faster and the Disaster Management Cell would be strengthened. The business community and the Government will try to evolve a process to keep a check on terrorist infiltration," said Mr Nayan Patel, President of IMC.

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