January 30, 2001

NEW DELHI, India (CNN) -- The Federation of Indian Chambers of Commerce and Industry has put the losses in the earthquake-ravaged state of Gujarat at about $5.5 billion.

FICCI secretary general Amit Mitra said that in addition to this amount, there was a daily production loss of about $111 million.

Another key business organization, the Confederation of Indian Industry, said it was impossible to weigh up the destruction caused by the quake, which has claimed at least 20,000 lives.

The CII report released Monday said the loss of life, property and assets in the Kutch region in Gujarat -- where the roads, bridges and telecom network were severely damaged -- is impossible to calculate.

"The entire Kutch region has been devastated with all the houses, colleges and schools completely damaged. In these circumstances, with the entire infrastructure in the Kutch region destroyed, the Confederation has pointed out that the monetary impact would be very difficult to calculate," it said in the statement.