India's annual GDP takes a beating of nearly 3 percent due to road traffic accidents, which is equivalent to over Rs 4 lakh crore in the value terms based on a study by United Nations (UN).
The study was conducted by the UN Economic and Social Commission For Asia and the Pacific (UNESCAP) study says that in value terms, India is behind Japan among the 19 countries in the Asia-Pacific region.
The study reveals that the Indian economy takes a 3 percent hit every year mainly due to road traffic accidents, which is over $58,000 million in terms of value.
The country is only behind Japan ($63,000 million) in terms of value and in terms of GDP loss, it comes behind Iran which is at 6 percent ($30,697 million), the study further added.
UNESCAP Chief of Transport Policy and Development Section Peter O'Neill said that the total loss to these nations is a mind-boggling $2,93,568 million annually.
He was speaking at a three-day conference by the Institute of Road Traffic Education (IRTE) when he revealed the details of the study.
O'Neill expressed concern over the high rate of road accidents in India and he called for better policies and stricter enforcement of regulations to promote road safety of road users, in particular, the two-wheeler users.
One person is killed every 40 seconds in the Asia-Pacific region which translates to 15,000 lives every week and to avoid that O'Neill said that we need road safety management, safer roads, safer vehicles and better post-crash response mechanism.
IRTE President Rohit Baluja said that there are rules to make helmets mandatory; however, "very few" two-wheeler users are taking it seriously.