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One-day trade union strike may have led to loss of Rs.18,000 cr to economy
Left-affiliated 10 central trade unions were on strike yesterday. The nation-wide strike by around 18 crore government employees affected trade, transport, key manufacturing facilities and banking services in Kerala, Karnataka, Tripura, Haryana and Uttar Pradesh besides other parts of the country. Due to the strike, the economy suffered an estimated loss of around Rs 16,000 - Rs 18,000 crore.

Lamenting the fact that India can ill-afford strikes and bandhs as it needs to ramp up its GDP growth by boosting manufacturing and other key sectors like services, industry body Assocham said, reports of production halts in public sector and private sector firms along with stoppage of transport services would damage the pace of growth. 

"Trade, transport and hotels form a major part of the country's Gross Domestic Product. The other major component to the GDP and GVA is the entire package of financial services including banking. Both these key segments have been crippled by the strike", Assocham Secretary General D S Rawat said in a release.
 
He said that rather than going on strike the trade unions should have sat across the negotiating table with the government to reach a middle ground.

"The industry is not against fair wages and a decent living standard for the workforce. But the demand for minimum wages should be balanced enough not to lead to a high cost economy," Rawat said. 

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