Retail In India Lost Over 15 Lakh Cr During the COVID-19 Pandemic: CAIT

The COVID-19 pandemic has caused a loss of at least Rs 15.5 lakh crore to the Indian retail sector, according to data released by the Confederation of All India Traders (CAIT).

In a statement, on Sunday, the traders body said that traders across the country are depressed because of the minimal number of consumers, considerable absence of employees, facing financial crunch and yet have to meet several financial obligations.

"No support policy from the central or state governments is yet another crucial factor which is haunting the traders," CAIT claimed.

National President, BC Bhartia, and Secretary-General, Praveen Khandelwal, of CAIT said that domestic trade in the country is passing through its worst period and if immediate steps are not taken, about 20 per cent of the shops in the country would have to shut down. As per inputs available from traders across the country, customer footfall is only at 10 per cent post the unlock period.

The duo further said that as per an estimate there has been a business loss of about Rs 5 lakh crore in April whereas in May it was approximately Rs 4.5 lakh crore; post lockdown in June, it was about Rs 4 lakh crore; and in the first 15 days of July, the business loss stood at Rs 2.5 lakh crore.

"The local consumers are not visiting markets as they were before the lockdown while the purchasers who were procuring goods from neighbouring states or cities are not visiting due to the current pandemic and lack of smooth inter-city or inter-state transportation," they added.