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Wednesday, October 27, 2021

Corona broke the back of retail business! 19 lakh crore loss in 5 months, unemployment is expected to increase wildly

The Corona epidemic (Covid-19 Pandemic) has broken the back of the country’s retail business. Indian retailers have suffered a loss of Rs 19 lakh crore during the last 5 months. 3 months after the opening of the lockdown, traders across the country are facing a huge economic crisis. The Confederation of All India Traders (CAIT), an association of traders, says that if the urgent steps are not taken immediately to handle the retail trade, around 20% of shops across the country will have to be closed, which could also lead to large unemployment. is. CAT has asked the Finance Minister for relief from interest and penalty to traders.

Kat says that traders are very upset with the very few customers coming to the shops. Despite this, many types of financial responsibilities have to be fulfilled by their traders. There is a money crisis in the retail market. The payment of the goods given in November-December, which should have come by February-March, has not been paid in the market yet.

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Parameters for 20 major cities

While releasing this data, CAT said that the retail market across the country is estimated from 20 major cities of different states as this city is the major center of goods distribution in the states. These include Delhi, Mumbai, Kolkata, Hyderabad, Chennai, Nagpur, Raipur, Bhubaneswar, Ranchi, Bhopal, Surat, Lucknow, Kanpur, Jammu, Kochi, Patna, Ludhiana, Chandigarh, Ahmedabad, Guwahati. It is clear from the data collected from these cities that how much Corona has affected the trade of the country, which is not in a position to recover at present. The common man is very much afraid about Corona, due to which local customers are not coming to the markets.

Relief in penalty and interest

CAT National President BC Bhartia and National General Secretary Pravin Khandelwal said that according to an estimate, the domestic trade of the country had a loss of about 5 lakh crore in April. It is about four and a half lakh crore rupees in May and about 4 lakh crores after the lockdown was lifted in June, about 3 lakh crores in July and 2.5 lakh crores in August.

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CAT urged the Union Finance Minister Nirmala Sitharaman that banks should be instructed to not put pressure on traders to pay interest at present. CAT says that the governments forgive the debts of other sectors, we are not only taking interest right now and penalty of any kind should not be imposed on the traders, only they are demanding so much.


Source: www.financialexpress.com

Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.
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