Floods spurred by incessant monsoon rains across India have caused severe damage to life and property. In the past couple of weeks, central business places of India including Chennai, Hyderabad, Bangalore, etc., the heavy rains have inundated the roads, railway tracks and airports to bring the cities to a standstill. Notwithstanding, all businesses witnessed grievous dip in their sales as they were not able to run their day to day affairs smoothly, and absenteeism of the employees was also another major cause of concern.
In Assam, the north-eastern state of India had to bear the brunt of Monsoon fury as 50,000 people were made homeless, and weather reporters predicted more rains in the coming days particularly in that region. In neighboring Nepal too, saw similar devastation displacing 20,000 from their homes. Many low lying areas in the cities as well as villages near river banks are reported to have fully submerged under water in the region.
In India, more than 200 people have been killed in rains in the past one month, and more than 50 among them are from Assam and the northeast. Most of the deaths reported were due to house collapses or by drowning and some were also killed by landslides. However, as Assam produces more than 55 percent of India’s tea, and also generates oil, sources claim the rains had not affected tea trade or oil exploration.
A week ago, the heavy downpour in south-western state of Maharastra which includes the business hub Mumbai reeled under the bogey of monsoon rains while disrupting rail-road traffic of the whole region. Fortunately, Mumbai was untouched this time around as compared to last year’s monsoon devastation.
In the northern Indian state of Uttar Pradesh, hundreds of dilapidated buildings and hutments collapsed, killing at least 70 people in the past one week. Officials reported that most of the houses collapsed during the rains were very old and belonged to the poor.
As usual, this year too monsoon hit the southern coast in June 1st week, but most parts of India received unexpected rains causing panic and uncertainty to the common man, but business analysts forecast the rains will stand India in good stead in the following quarters as the country is struggling to maintain 8 percent GDP growth in this fiscal.
Toboc Trade News