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Sat, Nov 09, 2024 | Jumada al-Awwal 7, 1446 | DXB
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Indian retail trade lost Rs9T of business in 60 days
The shortage of labour, non-availability of transport and negligible footfall of customers is leading to acute financial crunch for Indian traders.
New Delhi - Central, state governments also absorb Rs1.5T loss on account of GST
In a statement, the traders' body also said that in the past week since the restrictions were eased on Monday, only about 5 per cent of the business could take place and 8 per cent of the workforce were able to resume.
It further said that the loss of business also resulted in a revenue loss of about Rs1.5 trillion to both central and state governments on account of GST.
"The traders across the country are facing acute financial crunch and in absence of any policy support from the government are most worried about future of their business," it said.
About 500,000 outstation traders used to come Delhi to procure goods from wholesale markets of Delhi but due to non-availability of transport, the wholesale markets in Delhi remained deserted in last one week, said the statement.
The shortage of labour, non-availability of transport and negligible footfall of customers is leading to acute financial crunch for traders and may also kill the retail trade of the country involving nearly 70 million traders providing employment to 400 million people and generating an annual turnover of about Rs50 trillion.
"The crisis has further deepened because of utter neglect of traders both by Central and state governments in matter of hand-holding," it said.
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