Lockdown-like restrictions imposed by State governments in the wake of the second pandemic wave has caused an estimated business loss of ₹15-lakh crore in the past two months for retail and wholesale traders in the country.

According to Confederation of All India Traders (CAIT), the business losses of retail traders is estimated at about ₹9-lakh core, while the wholesale traders has suffered a business loss of ₹6-lakh crore. The traders body said these estimates are based on feedback from CAIT chapters and leading trade associations in majority of States.

Praveen Khandelwal, Secretary General, CAIT said that for the first time traders across the country are contemplating reducing 30-40 per cent of their workforce as they have been forced to cut down establishment expenses and overheads as they are unable to maintain the recurring monthly expenses. “If it happens it will increase the unemployment figures particularly when the retail trade in India has been described as the key source of employment in the country,” he added.

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CAIT said that there are about 8 crore small businesses in the country which are involved in trading activities employing about 40 crore people in direct employment and various other people who are dependent on the trading community for their livelihood. CAIT has urged to both the Central and State governments to support the trading community through a financial package including temporary relaxations in statutory compliances.

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