In the wake of a nationwide lockdown imposed due to the COVID-19 pandemic, the Indian retail sector which comprises around 7 crore traders across India, associating nearly 40,000 trade bodies, has witnessed a loss of nearly Rs 5.5 lakh crore since March 25th, when the lockdown was announced.

‘Indian retailers do a daily business of around Rs 15,000 crore and since the country is in a lockdown there has been a huge loss of over Rs 5.50 lakh crore of business, which is done by 7 crore traders of the country,’ the Confederation of All India Traders (CAIT) secretary general Praveen Khandelwal said on Tuesday.

This will force around 1.5 crore traders to permanently down their shutters and a further 75 lakh traders, who are dependent on these 1.5 crore traders, will fold up in the medium term,’ he added.

Following this, at least 20% of Indian retailers are likely to wind up the businesses in the next few months, which is expected to have a devastating effect on the already receding Indian economy, Business Today reported.

‘It is quite appalling that the Governments, both Centre and State, have not handheld 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’, CAIT added.

CAIT National President B C Bhartia have urged the Prime Minister and the Finance Minister to award a fiscal package to the traders to ensure their survival, as at least 2.5 crores of them are micro and small businesses, and are incapable of sustaining the severe dip in the economy.

CAIT, on Monday, had opposed the government’s decision on opening the liquor shops claiming it to be a counterintuitive move in the prevention of virus spread.

‘It will also be a gross injustice to the traders of the country including Delhi, who have been asked to shut down their business establishments which have been followed by the traders across the Country in its true letter and spirit,’ CAIT added.

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