Retail trade lost business worth Rs 9 lakh crore since lockdown: CAIT
New Delhi, May 25 (KNN) The Confederation of All India Traders (CAIT) has stated that the country's retail trade lost business worth Rs 9 lakh crore in the last 60 days, due to the nationwide lockdown to contain the spread of COVID-19 pandemic.
''During the span of 60 days of national lockdown, the domestic trade has lost a business to the tune of about Rs 9 lakh crore, causing a revenue loss of about Rs 1.5 lakh crore to both the central and state governments on account of GST,'' said CAIT Secretary General Praveen Khandelwal in a statement.
The traders are facing acute financial crunch, and in absence of any policy support from the government, they are worried about future of their business, he said.
The traders' body further said that shops and commercial markets across the country since last Monday could register only about 5 per cent of business, and only 8 per cent of workforce could resume their duties in shops after migration of about 80 per cent employees to their native places.
CAIT expected nearly 20% of workers who are local residents to join the workforce again.