Road accidents in India have socio-economic cost of upto Rs 2.91 lakh crore: Bosch

The report provides OEMs, fleet operators and transport authorities with an accurate view of accident situations and can be leveraged to tailor technological innovations, countermeasures, and policies to make Indian roads safer, Bosch noted.

By:Updated: Oct 25, 2021 8:32 PM
india road accidents

 

Total socio-economic cost as a result of traffic accidents in India is pegged between USD 15.71- 38.81 billion (Rs 1.17 lakh crore to Rs 2.91 lakh crore), a study conducted by auto component major Bosch has revealed. The Accident Research team from Bosch India’s Advanced Autonomous Safety Systems and Corporate Research department studied and analysed global road accident data over the last two decades to obtain results. The findings can be effectively used to identify new products, business strategies, and road safety policies. “The total socio-economic cost due to road traffic accidents in India is USD 15.71–38.81 billion, which is estimated to be 0.55–1.35 per cent of the nation’s GDP,” the study revealed. Nearly 781,668 vehicles were involved in road accidents in 2019 according to Road Accident Sampling System of India (RASSI) weighted data, amounting to USD 0.57–1.81 billion in damages, it stated.

The damage costs include USD 356.2 million for commercial vehicles, USD 69.8 million for cars, USD 18.7 million for two wheelers, and USD 39.6 million for buses, as per the study findings. The total medical cost of the road traffic accidents victims in 2019 was close to USD 0.82–1.92 billion, it added. In 2019, the total productivity loss due to male fatalities was USD 10.9 billion and female fatalities was USD 1.44 billion, the study revealed. Besides, total productivity loss in the year 2019 owing to serious injuries accounted for USD 123 million while minor injuries accounted for USD 14 million, it added.

“Road traffic accident casualties bring about a great deal of human suffering in terms of social, medical and economic costs, and it is crucial we mitigate them. The absence of data regarding the loss due to road accidents was the motivating factor for us to study and analyze the socio-economic impact of road accidents in India,” Girikumar Kumaresh, Senior Program Manager, Head Accident Research India, Advanced Autonomous Safety Systems at Robert Bosch Engineering and Business Solutions noted.

This research is a testament to two years of hard work combining studies from the World Bank and World Economic Forum, and over 50 international journals underpinned by Bosch’s innovative method to estimate socio-economic loss due to road traffic accidents in India, he added. The report provides OEMs, fleet operators and transport authorities with an accurate view of accident situations and can be leveraged to tailor technological innovations, countermeasures, and policies to make Indian roads safer, Bosch noted.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Auto News