Lockdown: Retail sector devastated in last 60 days, loss of Rs 9 lakh crore

New Delhi: Due to the opening of only a few select shops in lockdown and the closure of everything else, the retail business has broken its back. According to the Confederation of All India Traders (CAIT), the largest organization of traders, the retail business has suffered a loss of 9 lakh crores in these 60 days of lockdown due to corona virus (covid-19). In the coming times, the crisis on retail business may deepen.

Despite the relaxation given to the markets in Lockdown 4.0, the country's domestic business is going through its worst phase in the first week. Only 5 percent of the business was done in open shops across the country and only 8 percent of the employees reached the shops. The biggest challenge before the retail business is their employees, 80 percent of whom have returned to their villages. 20 percent of the employees who are local do not want to return to work. The markets opened up there, but the customer is also missing from the market due to fear of increasing cases of corona.

According to CAIT national president BC Bharatiya, during the 60-day national lockdown, there was almost Rs 9 lakh crore in domestic trade. The Central and State Governments have lost GST revenue of 1.5 lakh crores. During the last one week, only the essential items including dairy products, grocery, FMCG products and consumables have been traded whereas electronics, electrical, mobiles, gift articles, watches, shoes, readymade apparels, fashion garments, readymade garments, furnishing fabric, cloth , Jewelery, paper, stationery, builder hardware, machinery, tools and many other trades which used to be traded in large quantities, the customers were completely missing in these trades.

Around 5 lakh traders from other states used to come to Delhi every day to buy goods from the wholesale markets of Delhi, but due to unavailability of transport, the wholesale markets of Delhi remained deserted in the last one week. In particular, drivers who move goods for intra-city, inter-city or inter-state transport of goods have also not returned to work.

The retail business of the country is run by about 7 crore traders, which provides employment to 40 crore people and has an annual turnover of about 50 lakh crores. Crores of traders in this sector are in a highly unsafe condition and the crisis has deepened due to the sheer neglect of the traders in terms of economic package by the central and state governments.