New Delhi, May 13 (KNN) With India under being lockdown since March 24th, the Indian retail sector has reported massive losses impacting country's economy.

''Indian retail sector has lost a gigantic sum of approximately 7.50 lakh crore business in this period which, has resulted in GST revenue loss to Central & State Governments to the tune of about 1.15 lakh crores of rupees,'' the Confederation of All India Traders (CAIT) has said.

The traders' body said that post lockdown country will see customer footfall of about 20% only as the Corona fear is still persists among the consumers, which will prevent them to visit markets. 

''Because of great financial crunch with the traders, it is also expected that corona lockdown is likely to witness at least 20% of Indian retailers collapse and wind up their businesses and about 10% of other traders dependent upon these 20% traders to also collapse as a consequence,'' CAIT added.

The CAIT further said that post COVID-19, the business pattern in the country is bound to change altogether.

''Upgraded and modernised retail format, health safety precautionary measures, round the clock internal security systems, adoption of digital & contactless payments and other business technologies, maintaining cleanliness, customer centric business atmosphere will be the new paradigm of business,'' CAIT said.