As many as 99 holidays, including Sundays and non-working Saturdays, in 2003 will result in a cumulative output loss of Rs 3,000 crore (Rs 30 billion), according to All India Association of Industries.

The total loss to the exchequer for 27 declared holidays at Rs 100 crore (Rs 1 billion) for every holiday, excluding non-working Saturdays and Sundays, will be approximately Rs 2,700 crore (Rs 27 billion), AIAI president Vijay Kalantri said in a release on Friday.

Moreover, the US-led war on Iraq has severely affected Indian exports to the Gulf countries. Exporters in the country will lose a minimum of Rs 1,200 crore (Rs 12 billion) during April alone, which has the highest number of holidays this year, he added.

Even after over a decade of reforms and liberalisation, the government is reluctant to cut down on holidays particularly of  those of banks, central establishments and financial institutions, he said.

The government, while implementing the Pay Commission report had promised to reduce holidays and staff, he added.

With Finance Commission recommending wage hikes for all sections of government employees and even banks announcing a 12.5 per cent rise, cost of each holiday is becoming dearer and private and commercial establishments also bear the brunt.

The Indian banks need a margin of 2-2.5 per cent as against 0.5 per cent in foreign banks and this high cost is passed on to trade, industry and commerce.

Banks and FIs should not be closed for more that 48 hours at a stretch under any circumstances for which a law can be enforced, as is done in the US and other countries, Kalantri added.

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What do you think about the story? Read what others have to say: Number of User Comments: 12 Sub: holidays it is but true the concern shown by the industrialists. khudos to their concern at the same time are they concerned about the consumers? are ... Posted by sundar Sub: holidays in 2003 to cost heavily In India, most industrialists are by deault only. In young age , they will apply for Govt job & if not selected , go for ... Posted by D K rammurthy Sub: Holidays in 2003 to cost heavily Most of the businessmen , Industrialists in India do not open their shops / establishment before 11.30 am or 12 noon. Reason : they are ... Posted by mohan bhatnagar Sub: Productivity is the problem, not holidays There was a time when I did believe there were too many holidays in India. But after working in the US for some time, I ... Posted by RR Sub: Holidays It is high time INDIAN GOVERNMENT takes serious note of it and reduce holidays. Can a country progress if we have so many holidays? People ... Posted by Ravishankar Iyer