Details
Khl news bureau
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“The Corona pandemic in the Country has cost a business loss of about 19 lakh crore to Indian retail trade in past 5 months resulting into a great turmoil in domestic trade to the extent that even after unlock-4, the traders across Country are highly depressed because of very minimal footfall of the consumers, considerable absence of both white color and blue color employees, facing highest financial crunch, ongoing onslaught of e commerce companies through their unfair business practices and yet have to meet several financial obligations and have to comply with various statutory compliances. The entire retail trade, which if often called a growth engine of the economy is in great dilemma never seen before. The retail market is gripped with acute financial crisis as even the supplies made in November-December, the payment of which was to be released in February-March is still pending and there is no hope of its early realisation.”
“The CAIT while releasing these estimated figures said that for the purpose of any estimation of retail trade, we consider 20 Cities in various States as Distribution centre of trade in the Country which include Delhi, Mumbai, Kolkata, Hyderabad, Chennai, Banglore, Nagpur, Raipur, Bhopal, Surat, Bhuvneshwar, Ranchi, Lucknow, Kanpur, Jammu, Cochin, Patna, Ludhiana, Chandigarh and Guwahati. The information received from these centers speaks to the impact of COVID on retail trade.”
“Analysing the current situation in domestic trade of the Country B. C. Bhartia, National President & Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT) today said that the domestic trade in the Country is passing through its worst period in the current century which reflects that if immediate steps are not taken about 20% of the shops in India will have to close down their shutters and it will give rise to unemployment in the Country. The retail trade is subject to various onslaughts from all the corners and there seems to be no way to come out from this vicious circle created by COVID.”
“Bhartia & Khandelwal said that as per an estimate, in the past 5 months there is a business loss of about 5 lakh crore in April whereas in May it was approximately Rs.4.5 lakh crore and from Unlock-1 in the June month it was about 4 lakh crore and in July it was 3 lakh crore and in the August month it was 2.5 lakh crore. The great fear among people because of Corona leading to avoidance of exposure, the local consumers are not visiting markets whereas the purchasers who were procuring goods from neighboring States are not visiting such States due to Corona fear and non-availability of inter-state transportation, Railways etc. For example, in Delhi nearly 5 lakh traders from different states were visiting for procurement of goods and currently no trader from any State is visiting Delhi.”
“Both Bhartia & Khandelwal appeal Central and State Governments to take immediate cognisance of the current situation of the trading community and take necessary steps to restore business activities. They said that if 20% shops in the Country have to be closed then it will greatly impact the national economy and largely to revenue of States which will certainly disturb the Government budget. The CAIT has appealed to Union Finance Minister Nirmala Sitharaman to advise the Banks not to charge any interest or penalty from traders for the time being. If Government can condone the loans of certain sectors, we the traders of India are simply demanding to off load us from bank interests and other liabilities for the time being.”
