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CARE Ratings expects 4.3 million workers hit in Kerala - Times of India https://timesofindia.indiatimes.com/business/india-business/care-ratings-...

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CARE Ratings expects 4.3 million workers hit in Kerala

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3 of 15 9/12/2018, 12:24 PM

CARE Ratings expects 4.3 million workers hit in Kerala

Rachel Chitra | TNN | Sep 11, 2018, 17:32 IST

1 Comments

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Kerala witnessed worst flood situation in nearly 100 years.

BENGALURU: As high as 4.13 million workers will be affected in Kerala with wage loss of Rs 4,000 crore, estimated CARE Ratings. The ratings

agency also expects state's GDP to be affected by 1% with a widening of the fiscal deficit.

The five worst-affected districts of the state’s 14 districts i.e. Idduki, Ernakulam, Kollam, Kottayam and Pathanamthitta have an estimated population of

11.09 million, which accounts for nearly 30% of the state’s total population. Of this 19% comprise agriculture workers and household industry workers.

So for these five regions, CARE ratings expects 4.13 million workers affected; with 3.3 million workers jobs in jeopardy. "We estimate a wage loss of

around Rs. 4,000 crore for August based on the average wage rate of Rs. 400/- per day for Kerala as per the data from the annual report for 2017-18 of

the Ministry of Labour. The wage loss is in addition to the property, vehicle and consumer durable losses would," said CARE Ratings.

Kerala's rubber and tea industry is estimated to witness a loss of around Rs 420-430 crore and Rs 35-40 crore, respectively, for the period August-

September 2018 reflecting again impact of floods in the worst-affected regions. CARE Ratings expects roughly Rs 10,000-12,000 crore would be

required to repair and restore the damaged road network in Kerala.


4 of 15 9/12/2018, 12:24 PM

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When it comes to shut down of air traffic, passenger traffic revenue loss is expected to be around Rs 22-27 crore for the period of shutdown of 12-15 days

and commercial revenue loss of Rs. 8-12 crore.

The rating agency also pointed to the costs arising from maintenance of the 1 million people currently in relief camps. "Sustaining these families on a

consistent basis would involve a minimum sum of around Rs 10 crore a day or Rs 300 crore a month. This would have to be financed from either relief

grants from the central government or contributions by other states. The medical costs which go with the resulting disease control would be dependent on

the extent to which there could be epidemics," said the agency.

Latest CommentNo problem there, Pappu the biggest buffoon in India and his bootlicker CM of Kerala will gift them Potatoes manufacturing factories Ajay Varma

Recent developments could also see the state’s economy affected by up to 1% depending on the time taken at rehabilitation and reconstruction.

Agricultural output would definitely be affected and growth can be negative.

The agency also expected revenue deficit to further widen and state debt to increase with increased market borrowings.

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Ajay Varma

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Ajay - 18 hours ago -Follow

No problem there, Pappu the biggest buffoon in India and his bootlicker CM of Kerala will gift them Potatoes manufacturing factories

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No problem there, Pappu the biggest buffoon in India and his bootlicker CM of Kerala will gift them Potatoes manufacturing factories

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care ratings expects 4.3 million workers hit in kerala ... · news / business news / india business...

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