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Country's economy likely to suffer a loss of Rs 25,000 cr due to trade union strike
To protest against changes in labour laws and privatisation of PSUs ten central trade unions are on day-long strike today across the country. Meanwhile industry body, Assocham has requested the trade unions to call off their strike saying that the country's economy may suffer a loss of Rs 25,000 cr due to the 24-hour strike.
Today's strike has led to disruption of normal life as various services like transportation, banking services, power supply, oil & gas and warehousing have got impacted.

Industry body, Assocham's secretary general, DS Rawat in a statement said, "Financial impact of the disruption of essential services might lead to an estimated loss of over Rs 25,000 crore to the economy thereby taking into account the numerous direct and indirect losses."

He added that the strike would hit industrial activity due to workers' poor attendance. Assocham is also of the view that due to the trade union's strike footfall in retail trading markets will fall.

The industry association added that strike would hamper cargo export. "A big jolt would accrue to the export cargo thereby throwing crucial delivery schedule to haywire, besides with exports being under pressure, such things like strike would give a further setback," Rawat said.

Assocham said that the worst affected would be the poor daily wage earners whose plight cannot be assessed in monetary terms. Rawat urged the government to intervene to come to an agreeable solution in the interest of the industry and the nation as a whole while saying that labour reforms are necessary.

"Somehow, the trade unions and other stakeholders need to get a feeling of reassurance that labour reforms are meant to enhance employment opportunities and not take away the jobs and that overall objective is to strengthen jobs because it is only through enhanced consumer power that the industry can grow," the Assochamsaid.

In today's strike more than 15 crore workers from 10 central trade unions are participating. However, BJP-backed BMS and NFITU have decided to stay away from the strike.

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