₹9 lakh cr losses incurred by India’s retail trade
India’s retail trade lost business worth about ₹9 lakh crore in the last 60 days during the lockdown period according to industry lobby, the Confederation of All India Traders (CAIT). The traders’ body also stated that consequently, it 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 support from the government are most worried about future of their business,” it stated. CAIT said that the paucity of labour, non-availability of transport and negligible footfall of customers is leading to acute financial crunch for traders. This may prove deleterious for the retail trade of the country involving nearly seven crore traders providing employment to 40 crore people and generating an annual turnover of about Rs 50 lakh crore.
The confederation also said that in the last week since the restrictions were relaxed, only about 5% of the business could take place and 8% of the workforce were able to resume.