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Recent floods cost small, mid-sized businesses $2.2 billion in India

Posted On: Dec. 30, 2015 12:00 AM CST

A report by the Industrial Estate Manufacturers Association in India's Tamil Nadu state said 20,000 micro, small and mid-sized enterprises in the state suffered total losses of 145 billion Indian rupees ($2.2 billion) as a result of recent floods, reports The Hindu.

The report said that MSMEs suffered production loss of INR 100 billion.

Loss of machinery and raw materials totaled INR 20 billion and INR 25 billion, respectively.

An official said that less than 30% of these MSMEs have insurance coverage.

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