Explaining the reasoning behind the low footfalls at markets, It stated that people are not much inclined to come out for shopping because of fear of COVID-19.
The Confederation of All India Traders (CAIT) stated in a press release on Sunday that the retail business suffered a loss of 9 lakh crore since the start of the coronavirus-necessitated lockdown on March 24.
It stated that shops and commercial markets could register only about 5% of business and only 8% of the workforce could resume their duties in the shops. Even though about 80% of employees of these establishments returned to their native villages, it expected nearly 20% of workers who are local residents to join the workforce again.
Explaining the reasoning behind the low footfalls at markets, It stated that people are not much inclined to come out for shopping because of fear of COVID-19.
"CAIT National President Mr. B.C.Bhartia & Secretary General Mr. Praveen Khandelwal said that during a span of 60 days of national lockdown, the domestic trade has lost business to the tune of about Rs.9 lakh core causing a revenue loss of about Rs.1.5 lakh crore to both Central & State Governments on account of GST. The traders across Country are facing acute financial crunch and in absence of any policy support from the Government are most worried about the future of their business," the press release stated.
The press release further stated that apart from essential commodities like dairy products, Kirana, FMCG products and consumable goods, other sectors of the retail trade like electronics, electrical appliances, mobiles, gift articles, watches, footwear, readymade apparels, fashion garments, readymade garments, furnishing fabric, cloth, jewellery, paper, stationary, builder's hardware, machinery, tools were not having customers at all.
It also described the plight of wholesale markets. CAIT stated that on a normal day about 5 lakh outstation traders used to come to Delhi to procure goods from wholesale markets of Delhi but due to non-availability of transport, the wholesale markets in Delhi remained deserted in last one week. Moreover, the transport sector is in crisis as the transporters are much short of workers--mainly drivers for there is greatly restricted movement of goods for intra city, inter-city or inter-state transportation of goods.
CAIT pointed out that the 'financial load on traders in a state when there is an acute crunch of finances will certainly be going to kill the retail trade of the country'. It further lamented that neglect of traders both by central and state governments will deepen the crisis.
The retail trade in the country comprises of nearly 7 crore traders providing employment to 40 crore people, and generated an annual turnover of 50 Lakh crore rupees.
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