The two-day strike called by trade unions has significantly disrupted the economic and industrial activity in many parts of the country, Adi Godrej, President, Confederation of Indian Industry (CII), has said.

He said at a time when the economy was under the grip of a major slowdown, the current disturbance was likely to aggravate the prevailing situation.

“While the exact loss to trade and business activity is difficult to ascertain, the direct and indirect impact would be upwards of Rs 20,000 crore over the two days,” a CII statement said on Thursday.

“The bandh call made by the unions of the banking and insurance sectors, which form the nerve centre of the economy, is causing hardship to industry as the suspension of work in banks could impact cheque clearances and other banking transactions that are crucial for the conduct of business operations,” Godrej added.

CII said the strike called by transporters would also affect the movement of agriculture products and fuel inflationary pressures thereby serving to negate the very purpose for which the strike had been called.

At a time when conditions were becoming conducive for reviving the investment cycle, both the workers and industry should make a concerted effort to work with the Government to revive the economy rather than create disruptions, Godrej added.

>aditi.n@thehindu.co.in

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