The industry is on tenterhooks and is watching how the state administration deals with the present crisis.
VADODARA: As Vadodara burned for three days, memories of post-Godhra riots came back to haunt. Gujarat had to endure three non-functional months with losses of life and property amounting to crores of rupees. So will this time also the macro investment scene in Gujarat be affected?
The industry is on tenterhooks and is watching how the state administration deals with the present crisis. While confidence in the Narendra Modi government runs high, business honchos in the state are shocked and would rather "wait and watch" before taking any major decision.
Vadodara's financial loss due to the damage and curfew in the walled city area is approximately Rs 34 crores per day, not the mention the quantum dip in working hours.
Sources at the Confederation of Indian Industry claim that the situation is too premature to comment on.
"The impact of violence in Vadodara is limited to the city. It hasn't yet trickled outside. We haven't yet got any reason to believe that this might affect the investment prospect of the state," a CII official said on condition of anonymity.
Response from Gujarat's leading Chamber of Commerce and Industry (GCCI) was no different. "We cannot say yet. The tension has been there since 2002 but it hasn't really affected the industry. Let's wait and watch," an official said.
Technocrat and eminent consulting engineer PT Shah said, "The curfew has reduced manufacturing output by 30 per cent. The situation was totally mismanaged, which may terribly affect the future prospects of business in the state."
General manger, HR, Apollo Tyres at Limda plant, Satish Agrawal, though, was absolutely unfazed. He said that it was just a passing phase and the state would soon get over the crisis.
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