It is estimated that road traffic accidents in India cost $15.71-38.81 billion, or 0.55–1.35 percent of the country's GDP, according to a new study.
Human Capital (HC), Willingness-To-Pay (WTP), and Rule-of-Thumb methods (iRAP) can be used to obtain cost-benefit estimates for the economic losses incurred by the relevant stakeholders.
The Road Accident Sampling System of India (RASSI) database was used in this study for the first time to provide a holistic view of the national scale.
According to RASSI weighted statistics, 781,668 vehicles were engaged in road accidents in 2019 resulting in damage of between $0.57 billion and $0.181 billion, as reported in the study.
Some 356.2 million commercial vehicles, 69.8 million automobiles, 18.7 million two-wheeled vehicles, and $39.6 million in buses were damaged.
Nearly $1.92 billion was spent on road traffic accident victims' medical bills in 2019.
In order to improve safety on Indian roads, the authors claim that the data in this research can be used to modify technology advancements, countermeasures, and policies.
Bridging the data gap and building on the architecture presented here can help any stakeholder support road safety and thereby drive additional road changes.
Using this study's methods and findings, road safety systems can be cost-benefit analyzed and enforced to make Indian roadways safer for all of their users.
The World Bank and the World Economic Forum have worked together for two years to produce this research.