India’s retail trade lost business worth Rs 9 lakh crore in two months: CAIT

India’s retail trade faced business loss worth Rs 9 lakh crore in the last 60 days, primarily due to the nationwide lockdown implimented to curb the spread of coronavirus pandemic, said trader’s body CAIT.

India's retail trade lost business worth Rs 9 lakh crore in two months: CAITConfederation of All India Traders (CAIT) stated that domestic trade is undergoing its worst period as shops and commercial markets around the country since previous week could only register around 5 percent of business, and only 8 percent of workforce could get back to their duties in shops after migration of nearly 80 percent employees to their native places.

CAIT Secretary General Praveen Khandelwal stated that in around 60 days of national lockdown, the domestic trade lost a business about Rs 9 lakh crore, resulting into a revenue loss of about Rs 1.5 lakh crore to both the central and state governments on account of GST.

Besides, the traders are facing severe financial crunch, and due to the lack of any policy support from the centre, they are stressed about future of their business, he said.

The Banking & Finance Post is an initiative of Elets Technomedia Pvt Ltd, existing since 2003.
Now, Elets' YouTube channel, a treasure of premier innovation-oriented knowledge-conferences and awards, is also active. To Subscribe Free, Click Here.

Get a chance to meet the Who's who of the BFSI industry. Join Us for Elets BFSI Nextgen Virtual Summit and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.