Of the estimated Rs 15,000 crore losses due to the recent devastating floods in Chennai, coastal Tamil Nadu and Puducherry, MSMEs bore the maximum brunt of about Rs 1,700 crore, says a report.
Of the estimated Rs 15,000 crore losses due to the recent devastating floods in Chennai, coastal Tamil Nadu and Puducherry, MSMEs bore the maximum brunt of about Rs 1,700 crore, says a report.
On a most conservative side, MSME sector has lost nearly Rs 1,700 crore to the calamity in just two peak weeks of the flooding,” SMERA Rat-ings lead economist Karan Mehrishi said.
This is a very conservative estimate and the actual financial losses in terms of lost opportunities and job losses could be much higher, he added.
Various analysts have pegged the overall loss to the industries in the region at over Rs 15,000 crore from the month-long floods which had even forced the airport and the railways to shut operations for nearly a week.
SMERA Ratings is a joint initiative of Sidbi and some state-run banks, and the private sector financial advisor Dun & Bradstreet Infor-mation Services India.
He also said that this Rs 1,700 crore projected loss is only from the manufacturing side and if services are included, the damages could be much higher.
