The Confederation of All India Traders (CAIT) has said today that due to the Coronavirus epidemic, the country’s retail trade has lost about two and a half crore rupees in the last 15 days. The Indian retail trade sector consists of 7 crore small-medium traders who employ 45 crore people. About 14 thousand crores of business is done daily in the country’s retail market, which is the most difficult challenge for the traders due to this global epidemic, which has stopped the wheels of the Indian retail business for how long. The situation is more frightening than the imagination of traders. The corona virus’s impact on health is certainly a major problem, but even worse, it is also the father of an unprecedented economic loss.
CAT national president BC Bhartia and national general secretary Praveen Khandelwal said that even though the Indian economy is much less affected than the global economies, Indian businessmen will still have to pay a very high price for it. Almost all the business of Indian traders has been closed for the last 15 days and business activities have come to a complete halt. The most important fact of this disastrous situation is that most Indian businessmen have to close their shops for health reasons and to follow the directives of the government, but still have to pay the salaries of the employees and in addition to pay the rent and taxes. Huh. The demand for Indian consumers has also decreased considerably after the lockdown due to the high cash operations in India, because the consumer is also unable to enter the markets due to the lockdown.
Bhartia and Khandelwal said that another important reason is that there has been a huge decline in imports, due to which Indian traders may not have enough goods to sell even after the lockdown arises. China, United States, Europe are under severe impact of Kovid-19, it will take longer to normalize and hence it may take longer to get the import and supply chain back on track. Indian industry is dependent on imports. Due to shortage of raw materials, production in factories has also stopped completely. There is a shortage of workers in the retail markets of urban areas because many workers have gone to their villages.
Bhartia and Khandelwal said that the government has postponed EMI, but without waiving interest, it will not be of any real benefit. He further said that, we have appealed to the government for concrete action including tax concessions, easy and easy access to loans, GST write-off, exemption and reimbursement for wages, exemption of interest cost.