NEW DELHI: The demolition of historical Babri mosque in Ayodhya and the events thereafter have not only damaged India’s image as a secular country but also caused great damage to its economy.
According to rough estimates made by the Federation of Indian Exports Organizations, the recent riots in Bombay alone have resulted in loss of foreign exchange earrings worth over rupees one thousand crore.
The president of the federation Kishore Shah said in New Delhi that the fall out of the results would continue to reflect on India’s exports during next financial year.
He disclosed that gem and jewelry sector alone had lost business worth Rs 500 crores due to the Bombay notes. The federation had to cancel the buyer and seller meet scheduled for January 16 in wake of the prevailing circumstances in several parts of the country.
Even bookings in hotels for as many as 215 forcing buyers who had confirmed their participation had also been made. But duck to the sensitive situation the meeting was cancelled.
The president of the Indian exports organizations further said that many of the buyers of textiles and woolens had postponed their visits to India. Similarly, most of the exports items could not be shipped due to delay in their arrival at Bombay port from different parts of the country.
He said the Federation had asked its members to furnish details to the organization to make a final estimate of the losses on the export front.
Article extracted from this publication >> March 5, 1993
