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CII, Assocham chiefs make different sounds on Kargil impact

The military operations in Kargil and the ensuing tensions in the border area shall not dampen the positive sentiments and business confidence, president of the Confederation of Indian Industry Rahul Bajaj said.

''There is no need for alarm and the industrial recovery which has begun would continue,'' Bajaj said in New Delhi after the CII national council meeting.

Bajaj said the national council expressed full support to the government and the armed forces at this time.

He said business and financial institutions should therefore continue to focus on the improved environment in the industry and economy.

Meanwhile, K P Singh, president of the Associated Chambers of Commerce and Industry called the border confrontation as unfortunate.

The Assocham chief hoped that the situation will not escalate as the economies of both the countries will be severely affected.

He said the border situation has worsened at a time when the economy was just beginning to emerge from the three-year-old recession.

The overall considerations of national sovereignty will far outweigh business damage, he conceded.

UNI

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