Ever since the nationwide lockdown was imposed on India on 24 March, every industry has been witness to tumbling business, leading to store closures and bankruptcies.
Retail sector in the country has been particularly hit by the COVID-19 pandemic. So much so that it has lost nearly Rs. 15.5 lakh crore in the past 100 days.
The Confederation of All India Traders (CAIT) – representing about 7 crore traders and close to 40,000 trade associations – recently informed that while several retailers have already shut down their businesses owing to the adverse effects of coronavirus, at least 1.4 crore (20 per cent) more retailers are likely to shut their businesses in the next few months if the Government doesn’t take immediate concrete steps in support of the industry.
Praveen Khandelwal, Secretary General, CAIT, said “COVID-19 has caused a huge dent in retail trade with losses crossing Rs.15.5 lakh crore in the past 100 days.”
“Even after 45 days from Unlock-1, there has been no clear-cut improvement,” he added.
The traders’ body also underlined that the post-unlock period saw a footfall of only 10 per cent of the consumers, hugely affecting the daily turnover of the traders.
CAIT has also urged the Government to craft a financial mechanism for traders to offer them business loans, relaxation in payment of taxes, extension in repayment period of bank loans, and EMIs without any further interest or penalty along with some measures to provide financial liquidity.