Retailers incur loss of about Rs 15 lakh crore in last 2 months due to Covid restrictions

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The nationwide restrictions and lockdowns owing to the Covid 19 second wave has caused a loss of about Rs 15 lakh crore to India’s domestic traders and retailers in the last two months. Of this Rs 9 lakh crore loss has been borne by retail traders and about Rs 6 lakh crore by the wholesale segment.</p>
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According to the Confederation of All India Traders (CAIT), several traders across the country are also looking at cutting down their staff force to reduce expenses.</p>
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“If it happens it will increase the unemployment figures particularly when the retail trade in India has been described as the only source of disguised employment and the only sector which provides exponential streams for self employment in India,” CAIT said in a statement.</p>
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CAIT estimates suggest that Maharashtra traders alone suffered a business loss of about 1.50 lakh crore while for Delhi it is about Rs 40,000 crore.</p>
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Meanwhile, as the number of fresh Covid 19 cases eased, the country has already started the “unlock” process. Many states have allowed shops to resume operations.</p>
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While the severe second wave is likely to damage the country’s economic performance in the first quarter, analysts said that an aggressive vaccination drive would help in containing the damages for the full year.  </p>