Retail business incurs Rs 9 lakh crore loss due to lockdown: CAIT

by May 24, 2020Business0 comments

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The Confederation of All India Traders (CAIT) said in a press release on Sunday that the retail business suffered a loss of 9 lakh crore since the corona virus-required lockdown began on March 24.

It added that only 5% of shops and commercial markets could register for business and only 8% of the workforce could resume their duties in shops. Even though about 80% of the employees of these establishments return to their ancestral villages, it is expected that around 20% are workers who are local residents to rejoin the workforce.

Clarifying the reasoning behind the low volatility in the markets, said that people are not willing to come out shopping for fear of COVID-19.

The National President of CAIT, Mr. BCBhartia & General Secretary, Mr. Praveen Khandelwal said that during the 60-day national lockdown, about 90 lakh rupees of business have been lost in domestic trade, bringing about Rs. Revenue loss of Rs. The press release stated that due to GST.1.5 lakh crores for both the central and state governments. Traders across the country are facing an acute financial crisis and are most concerned about the lack of policy support from the government.

The press release further states that essential items such as dairy products, grocery, FMCG products, and consumable items, other areas of retail trade such as electronics, electrical appliances, mobiles, gift articles, watches, footwear, readymade apparel, fashion garments, readymade Apart. Clothes, furnishing fabric, textiles, jewelry, paper, stationery, builder’s hardware, machinery, tools were not all with the customers.

It also described the plight of wholesale markets. CAIT said that on a typical day, around 5 lakh outside traders used to come to Delhi to buy goods from the wholesale markets of Delhi, but due to unavailability of transport, the wholesale markets of Delhi remained uninhabitable in the last one week. In addition, the transport sector is in crisis as transporters are far fewer than workers – mainly for drivers with very limited movement of goods for intra-city, inter-city, or inter-state transport of goods.

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CAIT stated that ‘when there is a financial burden on traders in the state, there will definitely be a decrease in retail trade in the country’. It further said that the crisis would be exacerbated by the neglect of traders by the central and state governments.

The retail trade in the country comprises around 7 crore merchants, providing employment to 40 crore people and an annual turnover of Rs 50 lakh crore.

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