The Hindu Business Line : Hyderabad blasts ‘disturbing’, says industry

Hyderabad, Aug. 27 The security environment in Hyderabad, which witnessed two bomb blasts claiming 41 lives on Saturday, is ‘disturbing’ for the industry albeit it may not have a long-term impact on the investment prospects, according to experts.

The city, being dubbed as IT and pharma hub, had seen three major terror strikes in the last four months including the blast at Mecca Masjid on May 18, 2007 that claimed 14 lives.

“The Saturday blasts are comparable to Mumbai local train blasts earlier. If a common man is targeted like this it is definitely disturbing for the industry too,” Mr Bepin Chandra, President, American Chambers of Commerce in India, Andhra Pradesh told Business Line here.

“In fact, the US Consulate has contacted us for issuing a travel advisory to all American citizens in Hyderabad,” he said.

There may not be much adverse impact on the investment in the State in the long term, he added. “This is because financial fundamentals of Hyderabad are very strong. Further, all major cities are now targets of terrorists,” pointed out Mr Pradeep Dhobale, Chairman, Confederation of Indian Industry.

According to Mr Atluri Subba Rao, President, Federation of Andhra Pradesh Chambers of Commerce, the security scenario calls for more careful approach by the Government, industry and people. “We need to tackle this in a participatory manner. While the current state of affairs is disturbing, I see no loss for the industry in the State down the line,” he said.

Meanwhile, the corporates and business houses have beefed up their own security arrangements. The head office of ICICI Bank in Begumpet adopted “unprecedented” security measures in place. “Over 5,000 people visit the bank everyday. We have been told to be on high alert and not to allow any person inside without checking,” a senior bank official said. No parking of vehicles was permitted near the multi-storeyed bank building, he added.

Same is the case with the IT firms. “Almost all companies are beefing up security and are taking a re-look at the measures in place after Saturday’s tragedy. It is an inevitable task for us,” said Mr Bepin who is also Vice-President of Knoah Solutions.

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