Surat tots up losses due to floods | india | Hindustan Times
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Surat tots up losses due to floods

india Updated: Sep 05, 2006 14:44 IST
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This diamond city is losing Rs 1.33 billion a day due to the floods with production stalling at its nearly 6,000 cutting and polishing units, while its textile industry has suffered losses of about Rs 5 billion, insiders here estimate.

"The 6,000 odd diamond cutting and polishing units here have stopped production. These units have a yearly turnover of Rs 400 billion, amounting to almost 90 per cent of the country's turnover. One can estimate the losses if the industry closes for even a single day," said Nanubhai Vanani, former president of the Surat Diamond Association (SDA).

According to him, Rs 1.33 billion is just the slash in turnover. This does not take into account the physical damage to the units, most of which are located in the Varachha road that is seen as the hub of the industry.

Estimated losses to the textile industry, the town's other mainstay, is around Rs 5 billion.

While there are several guesstimates on the quantum of losses in Gujarat and particularly in Surat, industry bodies varied in their assessments from Rs 10-50 billion.

About the 200 plastic processing units in the city, Gujarat State Plastic Manufacturers' Association (GSPMA) president Rajiv Raval said: "The processing units in Surat have production capacity of 1,000 tonnes per month. These units are expected to bear losses of Rs 15 to 20 billion in production and infrastructure."