Retail Businesses Suffered Loss of More Than 15 lakh Crore in 100 Days: CAIT
According to the Confederation of All India Traders (CAIT), the retail business is going through a turmoil due to the coronavirus pandemic. In the last 100 days, businessmen have suffered a loss of about Rs 15 lakh 50 thousand crore. CAIT issued a statement saying that traders across the country are facing problems like lack of customer and demand, lack of staff and workers to work, and financial crisis in the market. In view of the situation, it is not possible to return to the same situation as before.
Statistics show that the FMCG sector has taken care of itself in the coronavirus era but the garment industry has been severely affected, with demand falling from 95 percent in April, to 80 percent in May, and 67 percent between June 15 and 30 after the lockdown eased. Most people are opting to shop online due to COVID-19 fear. It will not be possible to estimate the loss of the textile industry right now, but in a survey conducted in April, the Clothing Manufacturers Association of India had estimated the loss of more than Rs 1 lakh crore.
There is growing concern among the businessmen due to the lack of any concrete policy for the retail businesses to bounce back by the central and state governments. CAIT general secretary Praveen Khandelwal said that domestic trade is going through its worst situation in this century, which suggests that if almost 20 percent of retail businesses in India do not take immediate steps, they will have to close their shutters.