Date:28/11/2008 URL: http://www.thehindu.com/2008/11/28/stories/2008112857781600.htm

Business

Attack targeted at tourists

Oommen A. Ninan

Adds more woes to an economy which is slowing down

MUMBAI: The commercial and financial capital of the country remained closed on Thursday after the terrorists unleashed a terror war on Mumbai, which began on Wednesday night and continuing still while writing this report.

The stock and commodity markets remained closed, in a rare decision, following abnormal situation in the city. The State Government was advising people to remain indoors as the uncertainty continued in the morning hours following the terror attack. However banks were open.

The Bombay and the National stock exchanges and major commodity exchanges, Multi Commodity Exchange (MCX) and NCDEX remained closed.

Even though banks were open settlement of trades were suspended. The expiry in the Futures and Options (F&O) and all other market settlements were postponed to Friday.

More than 100 people have been killed and over 250 injured in the explosions and gunfire by terrorists at several locations in the metropolis since Wednesday night.

Five-star hotels in the business district and Mumbai CST railway station have been among the targets.

The Mumbai attacks also focussed clearly on tourist targets, including two luxury hotels — Taj and Trident (Oberoi) and a famous café, a centre where tourists flock around.

In May last, the Indian Mujahideen made a specific threat to attack tourist sites in India unless the government stopped supporting the U.S. in the international arena. As the busy season started for tourists and business travellers, the present attack is expected to add more woes to an economy, which is slowing down, especially when terrorists targeted the foreign nationals.

Mumbai’s premier trade organisation, the Indian Merchants’ Chamber (IMC) President, M. N. Chaini, has appealed to both the Central and State governments to take tough, prompt and effective action against terrorists, instead of trying to appear compassionate towards them.

Interestingly, the terror attack was limited only to the tourist spots in South Mumbai, leaving its business hub, Nariman Point and other industry houses spread around Cuffe Parade and Ballard Pier.