The Indian retail sector which is the fifth-largest global destinations and accounts for 10% of the country’s GDP is in complete jeopardy today.
The deadly coronavirus disease which is proving to be a huge threat to the world economy does not spare the Indian economy as well. In fact, the Indian retail sector remains one of the hardest hit.
Recently, CAIT (Confederation of All India Traders) announced that the nationwide lockdown, that commenced on 24 March ’20 has wreak havoc on the retail sector. It lost a whopping amount of Rs.5.50 lac crore during this period and is going to harm in irreparable ways. The industry which provides the daily bread to many might have to wave goodbye to 20% of its retailers.
COVID-19 has lest an intense dent in the Indian Retail Trade which will have a devastating effect on the country said CAIT National President BC Bhartia and Secretary General Praveen Khandelwal.
“Indian retailers do a daily business of around 15,000 crores and the country is in lockdown for over 40 days now that means there is a massive loss of over 5.50 lakh crore of business which is done by 7 crore traders of India,” both executives said in a statement.
They also added that, given the current situation, out the 7 crore retailers, 1.5 crores will have to permanently pull their shutters down. Therefore, CAIT has urged the Indian Government to lend a helping hand to the industry to ensure its survival.
Disappointed by the government efforts, CAIT further commented, “it is quite appalling that the Governments both Centre and State have not handhold the non-corporate sector which contributes more than 40% to India’s GDP and accounts for almost one-third of the total workforce of the nation. Instead, the Government has given diktats that all businesses will have to pay their salaries, the banks will continue to charge interest and the landlords will continue to ask for rentals. This is complete one-way traffic where the Government only expects from traders but has offered absolutely nothing at all till date.”
