How can road accidents impact India's GDP?
Discuss the economic implications of road accidents in India.
- Road accidents in India lead to loss of lives, causing a decrease in the working-age population and potential labor force.
- Medical expenses and loss of productivity due to road accident injuries result in a strain on healthcare resources and the economy.
- Damaged infrastructure and vehicles require repair and replacement costs, affecting the government's budget allocation.
- Decreased tourist confidence and investment in the transportation sector impact economic growth and development.
- Insurance claims and legal proceedings related to road accidents add financial burden to both individuals and businesses.
- Overall, road accidents create a ripple effect on India's GDP by hampering human capital, infrastructure, and financial resources.
Answered
3 months ago