Mumbai cannot stop, come what may

The stock, money and commodity markets will probably be up in the morning. The chief minister has already left instructions to the effect. Offices and banks will be buzzing again. And after a gap, everything will be just as intact as normal as before in the financial capital.

But one thing will change. The most audacious and direct terrorist attack on the Indian business will see industry too becoming a stakeholder in the anti-terrorism drive of the government.

Rajeev Chandrasekhar, president, Federation of Indian Chambers of Commerce and Industry (Ficci) said, "Indian business and its various stakeholders have, so far, been mute and very detached from this debate on terrorism and tougher approach to terrorism and terrorists, including anti-terror laws. Last night's attack is a clear and unambiguous attack on the Indian economy and all its participants. It is time we all join this debate on terrorism and demand stronger and firmer leadership and approach to this threat of terrorism, including better laws".

SK Birla, director, Birla Brothers, only complemented the thinking when he called on the corporate world to rise to the occasion. Birla said, "It is high time that all citizens of the country and particularly the corporate world rise to the occasion, shoulder to shoulder, with the government, all political parties and the civil society to give a fitting reply to the terrorists who have attempted to create havoc. It is no more an issue for the government alone. The attack has targeted the hub of the corporate world and we will speak in unison".

Though Terror Thursday could cast a shadow on the stock market in the short term, experts say the markets would recover soon. In earlier instances too Mumbai rose to the occasion and displayed a determination to bounce back. But an industry big wig mentioned that the attacks were another addition to the global meltdown, and so would certainly increase the woes for investors and the people at large.

Indian Merchants Chamber president MN Chaini and Mumbai Pradesh Congress Committee's industry cell chief Raj Shroff claimed that attacks will seriously affect investments, as the investors will find Mumbai is not the safe place they thought it to be.

But the ongoing and proposed investment of Rs 50,000 crore to strengthen Mumbai's infrastructure-which sets the pace for the city's future growth-will not be impacted by the attacks.

The investments in flyover, sea links, bridges, sky walks, upgradation of roads, are being carried out by the state-run Mumbai Metropolitan Region Development Authority, Maharashtra State Road Development Corporation and BrihanMumbai Municipal Corporation either on their own or on a BOT basis. MMRDA joint director DN Kawathkar told FE, "This will not have any bearing on the ongoing projects and those in the pipeline. Contractors have expressed their full commitment for the timely completion of various projects while investors will continue to participate in various bids."

Chambers and many non-banking finance companies were unanimous that the terrorists attack was with a view to destroying the economy, but it would not impact investment atmosphere in Mumbai and around.

Real Estate major Niranjan Hiranandani, who is struggling to cope up with the ongoing slowdown, said, "This is really a sad moment, though it will not affect investments. Tourism may take a back seat for a while."

The attacks have shocked the Mumbai business but no one is thinking of a future outside Mumbai. Says VN Dhoot, chairman, Videocon Industries: "We are not scared. Although this attack is said to be as bad as 9/11, we will continue our operations in Mumbai, instead of shifting a part of our operations to any other city."

Ramakrishnan, executive director, Bajaj Electricals, goes a step ahead and asks the industry to get proactive. He says, "We do not have any plans to shift our operations to any other city. We will help the government mobilise public opinion. The spirit of Mumbai is far more powerful than the ongoing terror attacks."

A bad news for Mumbai's cricket crazy businessmen was the cancellation of the forthcoming Champion Trophy, scheduled for December 3, 4 & 5, at the prestigious Brabourne Stadium situated in the south Mumbai.