Though electronic trading remained open, the trade volume at the Bombay Stock Exchange was down 52 percent on the day.
“The strike is estimated to have cost the nation close to Rs 13,000 crore (US$2.77 billion) in terms of GDP loss,” Federation of Indian Chambers of Commerce & Industry said in a statement. Another industry body Assocham put the losses at $2.13 billion, while the Confederation of Indian Industry pegged it at $640 million.
There is a general consensus that the strike will serve as a wake-up call for the ruling United Progressive Alliance (UPA). The UPA has not been able to control prices for essential commodities, which the opposition National Democratic Alliance, lead by the BJP, has pressed the government on many times.
The UPA committed to bringing prices under control within 100 days, but failed to fulfill their promise, instead fuel prices have risen twice in recent months. Before the recent hikes, one liter of gas in Bangalore cost $1.07 (approximately $4.28 a gallon), two months ago, it rose to $1.17 and the most recent hike brought it up to $1.25 per liter.
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