On a most conservative side, MSME sector has lost nearly Rs 1,700 crore to the calamity in just two peak weeks of the flooding," SMERA Ratings lead economist Karan Mehrishi told PTI.
This is a very conservative estimate and the actual financial losses in terms of lost opportunities and job losses could be much higher, he added.
Various analysts have pegged the overall loss to the industries in the region at over Rs 15,000 crore from the month-long floods which had even forced the airport and the railways to shut operations for nearly a week.
He also said that this Rs 1,700 crore projected loss is only from the manufacturing side and if services are included, the damages could be much higher.
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"The impact of the floods has serious ramifications on not only the local economy but also national economy as the Chennai metropolitan region's manufacturing economy is worth Rs 1,51,800 crore or around 3 per cent of the national GDP, Mehrishi said.
The loss figure has been arrived at after calculating the weekly loss in lost businesses for themicro and small industrial sector, which bore the brunt of the killer floods at nearly Rs 840 crore, he added.
According to SMERA analysis, seven major MSME categories of industry and industrial services in the region, were hit the most due to the floods.
The next in line of losses is the plastics sector which
is estimated to have lost Rs 35 crore, followed by IT related services at over Rs 33 crore, garments at Rs 10 crore and pharmaceuticals (ayurveda & siddha) at Rs 1.25 crore.
There are an estimated 36,000 MSMEs registered in the Chennai region and the agency has analysed a sample size of nearly 20,000.
It can be recalled that a slew of automakers like BMW, Ford, Nissan, Renault, Royal Enfield, Hyundai, Ashok Leyland, among others, have given Chennai the moniker of Detroit of the East.
IT and related services come second with a contribution of 17 per cent, gold about 8 per cent, leather at 6.4 per cent, printing at 4.2 per cent and garments at 3.27 per cent, respectively.
On individual loss of the city's citizens, the per capita loss stood at nearly Rs 2,530 in terms of potential income loss with every week foregone.
On a national scale, the losses incurred by Chennai's industrial sector can potentially shave off 0.07 per cent from the national industrial gross value added (GVA), he added.
The nearly month-long unseasonal rains marooned the industrial belts of Chennai, mostly Kancheepuram and Tiruvallore, in November and December.
The Chennai region houses 36,869 factories and employs some 16 lakh people.
As per the estimates of the Tamil Nadu Small and Tiny Industries Association (TANSTIA), nearly 50,000 jobs were lost due to the rains as areas remained marooned for days and many left for their native districts.