The chambers said it was too early to quantify the losses, adding they will take a couple of days to arrive at some kind of figure.
However, based on feedback from its affiliated chambers in Chennai, Cochin, Karnataka and Andhra Pradesh, Assocham said that infrastructure worth more than Rs 2,000 crore (Rs 20 billion) was destroyed by the wall of waves but the manufacturing sector remained leargely unaffected.
Assocham president Mahendra K Sanghi said neither manufacturing nor any other economic activity would be adversely affected due to Tsunami barring the shipping industry and tourism in Kerala and Andaman Nicobar Islands.
Three ships costing around Rs 150 crore (Rs 1.5 billion) have been damaged in Chennai Port, while the major part of Port Blair has been severely damaged, he said.
CII director-general N Srinivasan, however, said that it is bit early to assess the exact economic loss. The chamber will come out with exact figures in a couple of days, he said.
He said loss would be in terms of effect on tourism and the money to be pumped in for relief operations. "More than anything else, it is a human tragedy," Srinivasan said.
FIEO president Rafeeque Ahmed said Tsumani will affect marine product exports besides leading to delays in ports which too have been badly affected.
FICCI economic advisor Anjan Roy said the loss was mainly in terms of human deaths.