Indian economy suffers $1.9bn loss in Uttarakhand floods
August 20, 2013 - 1:02:21 pm
NEW DELHI: The Indian economy lost an estimated $1.905 billion or Rs 120 billion due to the devastating floods and landslides, the country's worst natural disaster since the 2004 tsunami, that ravaged the state of Uttarakhand in June 2013 which left 5,700 people, mostly pilgrims, dead.
A study done by the Progress Harmony Development Chamber of Commerce of India (PHDCCI) reveals this loss to the Indian economy, according to the State Government of Uttarakhand, a Press Information Bureau report said. Loss of Government tourism properties has been assessed to be approximately $16 million or Rs.1.020 billion.
Due to lack of access to the affected areas the loss to private tourism assets has not been assessed so far. Federal Tourism Minister K Chirnajeevi gave this information to the Lower House of Indian Parliament.
The Government of India's Ministry of Tourism has announced a special financial package of $15.721 million or Rs 1 billion for rebuilding, building destroyed or damaged government tourism assets. In addition, the Ministry has already sanctioned Central Financial Assistance of about $ 14.934 million or Rs 950 million for various tourism infrastructure projects in Uttarakhand under the current financial year.
Besides this, the Uttarakhand Government has also prioritized projects for an approximate amount of $9.121 million or Rs 580 million for the development of tourism infrastructure in the State during the current financial year. (QNA)