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Lockdown Effect: Indian Retail Sector Faces Loss Of Rs 5.5 Lakh Crore
By: Tupaki Desk | 6 May 2020 1:31 PM GMT
In the wake of the rise of the positive cases of the novel coronavirus, a nationwide lockdown was imposed in India in the third week of March which has now entered the third phase forcing many sectors in India to face huge losses.
Now the Confederation of All India Traders (CAIT) said that the Indian retail sector which comprises around 7 crore traders across India faced a huge loss of Rs 5.5 lakh crores.
Confederation of All India Traders (CAIT) secretary general Praveen Khandelwal requested the Central government to announce packages to lend a helping hand for the retailers who are facing tough conditions.
Following the tough times, it is believed that in the coming few months around 20% of Indian retailers might wind up the businesses which will, in turn, leave a fatal effect on the Indian economy.
"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 secretary general Praveen Khandelwal said.
Now the Confederation of All India Traders (CAIT) said that the Indian retail sector which comprises around 7 crore traders across India faced a huge loss of Rs 5.5 lakh crores.
Confederation of All India Traders (CAIT) secretary general Praveen Khandelwal requested the Central government to announce packages to lend a helping hand for the retailers who are facing tough conditions.
Following the tough times, it is believed that in the coming few months around 20% of Indian retailers might wind up the businesses which will, in turn, leave a fatal effect on the Indian economy.
"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 secretary general Praveen Khandelwal said.
