Stock market was closed for around half-an-hour to appease the mob, while malls stayed shut the whole time.
To avenge hike in petrol prices that burned holes in people’s pockets, National Democratic Alliance (NDA) and Leftist parties’ ‘Bharat Bandh’ on Thursday left Gujarat with even a bigger hole in its coffer with loss of business of around Rs1,600 crore on one day. However, bandh was total and received good response.
Big markets and businesses along with retail industry came to a halt on Thursday, while business establishments such as factories, retail outlets, workshops and malls remained closed resulting in business loss. State government’s income from value added tax (VAT) stands at around Rs36,000 crore per annum, roughly comes down to Rs115 crore per working day. It takes to taxable turnover of the state to some Rs900 crore. Moreover, non-taxable turnover is also expected to be a little lower than taxable turnover, so it can be said that Gujarat lost business worth Rs1,600 crore in a day, said sources in business circle of Ahmedabad. However, traders also termed it as a notional loss and not actual.
“Majority of transactions will take place the next day, so there is hardly any loss to taxable business turnover,” said Jayendra Tanna, convener of Confederation of All India Traders (Gujarat Chapter). He said actual loss was incurred by local retail traders — be they roadside tea stalls, fruit and vegetable vendors or restaurant owners.
Even Ahmedabad Stock Exchange was also forced to close down, but for a while. “A mob came and asked us to remain close, so we stopped business for half an hour to pacify them but started business as usual once they went out. We can’t afford to close down business for whole day,” explained Hemant Zala, president of Ahmedabad Stock Exchange.
On the other hand, malls also remained closed mainly to avoid untoward incidents. “We had informed out tenants to take a call whether or not to keep malls open. We also received a call from police to take prudent decision on the issue,” said a mall manager on condition of anonymity. He informed that a crowd forced them to close the front doors of the mall.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}