Indian retail sector which comprises around 7 crore traders has lost approximately Rs 5.50 lakh crore during 40 days long nationwide lockdown and the country is likely to witness at least 20% of Indian retailers winding up their businesses in the next few months, the Confederation of All India Traders (CAIT) said on Tuesday.
During these difficult times, traders’ body CAIT has urged the Indian government to provide a substantial package to traders to ensure their survival.
“Indian retailers do a daily business of around 15,000 crores and therefore the country is in lockdown for over 40 days now meaning there’s a huge loss of over 5.50 lakh crore of business which is completed by 7 crore traders of India,” they added.
According to the Secretary-General of CAIT, Praveen, COVID-19 has caused an irreparable dent in Indian retail trade, showing a devastating effect on the whole country.
Moreover, 5 crore traders to permanently down their shutters and at least 2.5 crore traders in India are micro and small in nature who just can’t sustain this severe economic disaster. So, a substantial package to the traders is the demand of the situation.
Khandelwal further added, The Indian economy is already passing through a recessionary phase and there is a significant downfall across sectors, and this pandemic has delivered the knockout punch and has washed away all hopes of a revival.