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SARS may impact India's economic growth: CII
Friday, 11 April 2003, 19:30 IST
NEW DELHI: The Indian economy, already stressed by the Iraq war, may feel the ripples of a fast-spreading acute pneumonia that has hit many countries, mostly in Asia, an industry chamber warned Thursday.
"We are all relieved that the Iraq war seems to be coming to an end sooner than expected," said Ashok Soota, outgoing president of the Confederation of Indian Industry (CII), the country's prominent business lobby group.
"Now we have got a new spoiler on the scene, SARS. It is going to have an impact on the economy in its own way. At the moment it is difficult to quantify the impact on economy but it will certainty have some impact," Soota told media persons here.
"SARS today is one uncertainty factor because the affected region is closer to us."
The potentially fatal disease, known as Severe Acute Respiratory Syndrome (SARS), is threatening businesses across the globe as travel fears spread worldwide.
The economic ripples of SARS, which has spread fastest in Hong Kong and China and killed over 100 people worldwide, are spreading globally almost as quickly as the disease.
Business activities in countries like China have been badly affected. Industry observers here say the virus may deal a blow to India's high-profile tech industry as firms have cancelled business trips, conferences and product launches.
The World Health Organisation last week warned travellers to postpone visits to Hong Kong and China's Guangdong province due to SARS. This is the first time the agency has issued such a warning.
Indian corporate houses have started cancelling trips to several business fairs across East and Southeast Asia, including a major one in China, in the wake of this warning.
CII has called off its participation at the Canton Fair in China's Guangdong province.
Referring to measures taken by Indian industry to take up rehabilitation and reconstruction work in war-ravaged Iraq, Soota said local companies were in touch with various official and voluntary agencies.
"We are working with the ministries of external affairs and commerce to get involved in the rehabilitation and reconstruction process in Iraq. We will work in the areas of human aid, the oil-for-food programme and building of roads and bridges.
"Although all major reconstruction contracts will go to the U.S., there can be some sub-contracting opportunities for Indian companies," he said.
On the recent incidents of harassment of Indian software professionals overseas, the CII chief said though all the cases appeared unrelated, overall they were the manifestation of growing resentment against the economic slump.
Source: IANS
Source: IANS