Published
Apr 1, 2020
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India’s retail sector takes a $30 billion hit due to Covid-19

Published
Apr 1, 2020

India’s Traders' body the Confederation of All India Traders (CAIT) has stated that the country’s retail sector has suffered losses of $30 billion (Rs 2.2 lakh crore) over the last two weeks, due to the coronavirus pandemic.
 

India’s retail sector takes a $30 billion hit due to covid-19 - CAIT Delhi- Facebook


India’s retail sector, which comprises 70 million small, medium and big traders and employs 450 million people, had been badly hit due to the lockdown in the country. CAIT claims that the sector does a monthly business of around $70 billion.
 
Commenting on the situation, CAIT secretary general Praveen Khandelwal in a statement said: “Even if global economies and other sectors of the Indian economy bounce back sooner than expected, Indian traders are likely to pay a higher price and the strenuous ramifications will reverberate for a much longer time than expected.

"The most important reason for this devastating situation is the fact that a majority of the Indian traders have had to down shutters or curtail operations for health reasons, while still paying employees' salaries and that's apart from meeting costs for rentals, taxes and other levies," he added.
 
Despite the hardships and losses, CAIT has voiced its support for the 21-day lockdown in India and urged Indian traders to observe the ruling to contain coronavirus in the country.

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