August 30 floods: IT firms, banks on ORR say they lost ₹225 crore in a single day

ORRCA writes to CM and says companies on ORR will seek alternate destinations if infrastructure situation does not improve

IT firms and banking establishments in the Outer Ring Road (ORR) area have incurred a loss of ₹225 crore owing to the heavy rains and flooding on August 30, said Outer Ring Road Companies’ Association (ORRCA) in a letter to Chief Minister Basavaraj Bommai.

Seeking Mr. Bommai’s attention to address the “appalling infrastructure” in the ORR region in particular and the city in general, ORRCA said half a million professionals were employed along the ORR region between Central Silk Board and Krishnaraja Puram corridor.

“Heavy rains and flooding in the Outer Ring Road area on August 30, which brought parts of Bengaluru to its knees, led to a loss of about ₹ 225 crore in a single day,‘‘ the association said.

IT firms on the ORR generate revenue of $22 billion every year, accounting for 32% of Bengaluru’s total IT revenue. The area was also the highest tax contributor to the exchequer, the association wrote.

“Poor infrastructure on this corridor, however, is bringing down the efficiency and productivity of companies located here and putting employee safety and well-being at risk. Flooding on ORR on August 30 has led to a loss of ₹225 crore as professionals were stuck on the road for more than five hours,’‘ ORRCA said in its letter.

Sharing its concern, the association further wrote that the inadequate infrastructure on ORR has now reached a “crisis level.” Even though only 30% of ORR population has returned to office, the collapse of the infrastructure has drawn global concern about Bengaluru’s ability to handle further growth.

ORRCA has appealed to the government to expedite improvement projects on key arterial roads to ORR such as Old Airport Road, ITPL Road, and Varthur Road, as they are regularly used by their staff and the public.