Last updated : May 06, 2020 2:33 pm
The traders’ body further added that the country is likely to witness at least 20% of Indian retailers collapsing and winding up their businesses in the next few months.
The Indian retail sector has lost approximately Rs 5.50 lakh crore during this 40 day period, said the Confederation of All India Traders (CAIT).
The traders’ body further added that the country is likely to witness at least 20% of Indian retailers collapsing and winding up their businesses in the next few months.
CAIT National President BC Bhartia and Secretary General Praveen Khandelwal said that this pandemic has caused a massive irrecoverable dent in Indian retail trade which will have a devastating effect on the entire country.
They further mentioned that Indian retailers do a daily business of around 15,000 crores and the country is in lockdown for over 40 days now which means there is a massive loss of over 5.50 lakh crore of business which is done by 7 crore traders of India.
CAIT has urged the government to handhold the trading community and award a substantial package to the traders to ensure their survival.