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Road accidents in India stem a socio-economic cost of $15.71–38.81 bn: A Bosch Study

Road accidents in India stem a socio-economic cost of $15.71–38.81 bn: A Bosch Study
  • The total socio-economic cost due to road traffic accidents in India’s is $15.71–38.81 bn, which is estimated to be 0.55–1.35 percent of the nation’s GDP
  • Nearly 781,668 vehicles were involved in road accident in 2019 according to RASSI Weighted data, which amounted to $1.81 bn in vehicle damages.
  • First of its kind study to utilize suitable weighting factors from the RASSI database to offer a holistic view on a national scale
Uday Philip

Uday Philip >

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Bengaluru, India – With India’s economy forecasted to thrive in the coming years, it is pivotal for its road transport requirement to align with new policies and international supply chain categorization. However, the meagre availability of factual data, regarding socio-economic loss due to road accidents is hindering the path to ideation and implementation of new policies. Set against this backdrop, Bosch India has unveiled a unique study that identifies and analyses the socio-economic loss due to road traffic accidents in India.

For this study, the Accident Research team from Bosch India’s Advanced Autonomous Safety Systems and Corporate Research department studied and analyzed global road accident data over the last two decades to obtains results which can be effectively used to identify new products, business strategies, and road safety policies. This data will serve as a reference for policy makers to derive cost-benefit estimates for economic loss incurred by the respective stakeholders through the Human Capital (HC) method, Willingness-To-Pay (WTP) method and iRAP’s Rule of Thumb (RoT) method . This study is the first of its kind to utilize suitable weighting factors from the Road Accident Sampling System of India (RASSI) database to offer a holistic view on the national scale.

Some of the key findings of the research are as follows:

• The total socio-economic cost due to road traffic accidents in India’s is $15.71–38.81 bn, which is estimated to be 0.55–1.35 percent of the nation’s GDP

• Nearly 781,668 vehicles were involved in road accident in 2019 according to RASSI Weighted data, amounting to $0.57–1.81 bn in damages

• The damage costs include $356.2 mn for commercial vehicles, $69.8 mn for cars, $18.7 mn for two wheelers, and $39.6 mn for buses

• The total medical cost of the road traffic accidents victims in 2019 was close to $0.82–1.92 bn

• In 2019, the total productivity loss due to male fatalities was $10.9 bn and female fatalities was $1.44 bn. (considering avg. Net National income per capita for male and female employees)

• Total productivity loss in the year 2019 owing to serious injuries accounted for $123 mn while minor injuries accounted for $14 mn.

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. Any stakeholder can support road safety by bridging the data gap and building on the framework provided here, hence bring further road reforms. The methodology and results of this study can contribute in derving a cost befit analysis of various road safety technologies and thus help enforce them towards making Indian roads safer for all it’s users.

Speaking at the report launch, Girikumar Kumaresh, Senior Program Manager, Head Accidnet Research India, Advanced Autonomous Safety Systems at Robert Bosch Engineering and Business Solutions said, “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. 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.”

The full reports can be accessed here:
Estimation of Socio-Economic Loss due to Road Traffic Accident in India
Overview of truck accidents in India and its economic loss estimation

Contact person for press inquiries:

Mr. Uday Philip
Phone: +91 9972975291
Uday.Philip@in.bosch.com

About Bosch in India

In India, Bosch is a leading supplier of technology and services in the areas of Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Additionally, Bosch has in India the largest development center outside Germany, for end to end engineering and technology solutions. The Bosch Group operates in India through twelve companies: Bosch Limited – the flagship company of the Bosch Group in India – Bosch Chassis Systems India Private Limited, Bosch Rexroth (India) Private Limited, Robert Bosch Engineering and Business Solutions Private Limited, Bosch Automotive Electronics India Private Limited, Bosch Electrical Drives India Private Limited, BSH Home Appliances Private Limited, ETAS Automotive India Private Limited, Robert Bosch Automotive Steering Private Limited, Automobility Services and Solutions Private Limited, Newtech Filter India Private Limited and Mivin Engg.Technologies Private Limited. In India, Bosch set-up its manufacturing operations in 1951, which has grown over the years to include 16 manufacturing sites, and seven development and application centers. The Bosch Group in India employs over 31,500 associates and generated consolidated sales of about ₨.19,996 crores* (2.54 billion euros) in fiscal year 2020 of which ₨. 14,011 crores*(1.78 billion euros) are from consolidated sales to third parties. The Bosch Group in India has close to 15,650 research and development associates.

Additional information can be accessed at www.bosch.in

The Bosch Group is a leading global supplier of technology and services. It employs roughly 400,000 associates worldwide (as of December 31, 2019). The company generated sales of 77.7 billion euros in 2019. Its operations ar e divided into four business sectors: Mobility Solu-tions, Industrial Technology, Consumer Goods, and Energy and Building Technology. As a leading IoT provider, Bosch offers innovative solutions for smart homes, Industry 4.0, and con-nected mobility. Bosch is pursuing a vision of mobility that is sustainable, safe, and exciting. It uses its expertise in sensor technology, software, and services, as well as its own IoT cloud, to offer its customers connected, cross-domain solutions from a single source. The Bosch Group’s strategic objective is to facilitate connected living with products and solutions that ei-ther contain artificial intelligence (AI) or have been developed or manufactured with its help. Bosch improves quality of life worldwide with products and services that are innovative and spark enthusiasm. In short, Bosch creates technology that is “Invented for life.” The Bosch Group comprises Robert Bosch GmbH and its roughly 440 subsidiary and regional companies in 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineer-ing, and sales network covers nearly every country in the world. The basis for the company’s future growth is its innovative strength. Bosch employs some 72,600 associates in research and development at 126 locations across the globe, as well as roughly 30,000 software engineers.

Additional information is available online at www.bosch.com, www.iot.bosch.com, www.bosch-press.com, www.twitter.com/BoschPresse.

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