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India Inc condemns Mumbai terror attack

Published on Thu, Nov 27, 2008 at 11:20 | Source : CNBC-TV18

Updated at Fri, Nov 28, 2008 at 12:48

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Terror revisited Mumbai, India's financial capital, again on Friday leaving over 100 dead and scores injured.

So, what does India Inc make of this terror strike?

Anand Mahindra, VC and MD, Mahindra & Mahindra , said attacks were targeted at the nerve centre of the Indian economy. "The attacks were designed to create panic. Hope we find new ways to strengthen our security."

He said the company will continue to do business as usual. "Our factories will remain open. The group's management board is meeting right now."

Mahindra feels there could be a short-term impact on tourism.

Deepak Parekh, Chairman, HDFC, said the Mumbai terror attack will hurt investor sentiment.

However, there were other voices that felt investor sentiment won't be impacted.

KV Kamath, Managing Director and CEO, ICICI Bank , said Mumbai is resilient and business will bounce back. "This attack is a blow to business in general and shows that institutions of commerce are vulnerable."

A number of experts have called for tougher laws to combat terror.

Rahul Bajaj, Chairman and Managing Director, Bajaj Auto , said there is a need for tougher laws to crack down on terrorism.

Bajaj is dismayed at the state of government security. "They cannot provide citizens basic security and this is not acceptable. They either provide security or they should leave."

Bajaj said the need of the hour is security of individuals and property and how it affects business, corporates, and financial situation is secondary. "Whether it affects business, whether it affects tourism, whether business bounces back is to my mind secondary. The financial meltdown has hurt everybody but whether it becomes twice as bad is to my mind secondary."

Nakul Anand, MD of ITC Hotels said that he has consistently maintained security at the highest level and made significant investments over the past to upgrade emergency procedures during crisis after what happened ever since 9/11. But, he rues that in light of what has happened, he sees the need to relook some steps. "We are absolutely devastated by what has happened and I would like to express our sympathy to the victims of this tragedy as well as to our industry brethren. We stand in full support of the brave citizens of Mumbai and security forces that are trying to restore normalcy. We continue to pray for the safety of all in Mumbai."

So, are flights out of Mumbai impacted?

Vijay Mallya, Chairman and CEO, Kingfisher Airlines , said Mumbai event was catastrophic and there is need for tough policy action. "In our political system we soft peddle issues many a times and try to please many factions but this kind of national disgrace needs to be dealt with a very firm hand. It is not fair on us as a community, as a nation."