Winning Bizness Desk
Mumbai. How can it happen if there is a storm somewhere and the economy is not affected? Biparjoy, a powerful storm in the Arabian Sea, hit the coast of Gujarat's Kutch on Thursday. According to the Meteorological Department, strong winds blew at a speed of 150 kmph during this period. In view of the storm, the Meteorological Department has issued a red alert in the coastal areas of Saurashtra and Kutch in Gujarat. Due to this storm, there is a possibility of heavy destruction in the coastal areas of Gujarat. Railways has completely canceled 67 trains. Thousands of people and cattle have been shifted to safer places. This has affected the livelihood of fishermen, those working in ports and those working in oil rigs. Exports of companies have been affected
RIL stopped the export of diesel
The country's most valuable company Reliance Industries has stopped the export of diesel and other oil products from Sikka Port. The daily capacity of this port is 704,000 barrels. This port plays an important role in the export of diesel to Europe. Europe's oil imports from Asian countries have increased after the European Union's restrictions on Russia. Adani Group has also stopped its operations in that area for the time being. Adani's Mundra port has been closed for the time being. It is the busiest container port in the country. Along with this, the oil ports of Vadinar and Sikka have also been closed. Also, operations at Kandla, Okha, Bedi, and Navlakhi ports are also closed. Mundra is the largest commercial port in the country. It also has the country's largest coal import terminal. Economic activities in Gujarat have been badly affected due to the cyclone.
Many states suffered huge loss
Odisha had suffered a loss of about Rs 9,336.26 crore due to Cyclone Fani in 2019. According to a UN report, India suffered an economic loss of Rs 1.16 lakh crore in May 2020 due to Cyclone Amphan on the India-Bangladesh border. A year later, a cyclone named Yas caused havoc in the eastern parts of the country. Due to this, West Bengal suffered a loss of $ 2.76 billion. If the loss of Odisha and Jharkhand is also added to this, then it works out to seven to eight billion dollars.
It long to limp back to normalcy
It takes a long time to get back on track after the devastation caused by the storm. Due to this the crop gets ruined, due to which the prices of food items increase. Also, the financial burden on the state and central government increases. The storm puts a strain on healthcare services and affects electricity and water supplies. Transportation system, trade and commerce are also badly affected. Due to the flood caused by the storm, the fertile land becomes barren overnight. Infrastructure like roads, bridges and power lines are also destroyed due to the cyclone. Industries and business activity are affected due to all these reasons. All these have a bad effect on the economy. According to the ECG Ratings Service of The Economist Intelligence Unit, India's ranking on Environment Pillar is 144 out of 151 countries. This means that India needs to do a lot on the front of decarbonization, waste and waste water management and environment. According to RBI, by 2030, India will need Rs 85.6 lakh crore for climate change adaptation.
