CAIT: Retail trade lost ₹9 lakh crore of business in 60 days

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India’s retail trade lost the business of around 9 lakh crore during the past 60 days of the nationwide lockdown, the Confederation of All India Traders (CAIT) said. In a statement, the traders’ body also said that in the past week since the restrictions were eased on Monday, only about 5 percent of the business could take place and 8 percent of the workforce were able to resume.

It further said that the loss of business also resulted in a revenue loss of about 1.5 lakh crore to both Central and state governments on account of GST. “The traders across the country are facing acute financial crunch and in absence of any policy supported further said that the loss of business also resulted in a revenue loss of about 1.5 lakh crore to both Central and state governments on account of GST from the government are most worried about future of their business,” it said.

About 5 lakh outstation traders used to come to Delhi to procure goods from wholesale markets of Delhi but due to the non-availability of transport, the wholesale markets in Delhi remained deserted in the last one week, said the statement. The shortage of labour, non-availability of transport, and negligible footfall of customers is leading to acute financial crunch for traders and may also kill the retail trade of the country involving nearly seven crore traders providing employment to 40 crore people and generating an annual turnover of about 50 lakh crore.

“The crisis has further deepened because of utter neglect of traders both by Central and state governments in the matter of hand-holding,” it said.

Read More at: https://www.livemint.com/industry/retail/retail-trade-lost-rs-9-lakh-crore-of-business-in-60-days-cait-11590332025640.html

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