CAIT demands financial package from the govt, saying traders incurred huge losses during past 45 days
“India’s domestic trade has incurred a trade deficit of Rs 12 lakh crore in the last 45 days due to the outbreak of Coronavirus, which is a major loss and certainly at a time when the lock-down will be reversed, traders will have to re-trade.” The Confederation of All India Traders (CAIT) released this data today, saying that the country’s trade is going through a very difficult period. The second wave of Corona has broken the back of traders.
National President of CAIT BC Bhartia and National General Secretary Praveen Khandelwal said that we have estimated the state-wise loss of internal trade of the country in the last 45 days, taking into account all the reasons, which is about 12 lakh crore rupees. That’s a big loss. Every year, there is trade of about 1 lakh 15 thousand crore rupees across the country. There are about 8 crore small and big traders in the country who run the domestic business of the country.
Bhartia and Khandelwal said that in the trade loss of Rs. 12 lakh crores, there was a loss of about 7.50 lakh crores in retail trade and about 4.50 lakh crores rupees in wholesale trade. According to an estimate, Maharashtra has about 1.10 lakh crores, Delhi about 30 thousand crores, Gujarat about 60 thousand crores, Uttar Pradesh about 65 thousand crores, Madhya Pradesh about 30 thousand crores, Rajasthan about 25 thousand crores, Chhattisgarh. About 23 thousand crores, Karnataka has a loss of trade of about 50 thousand crores and likewise other states have incurred a huge loss in trade during the last 45 days.
Sushil Kumar Jain, convener, CAIT Delhi NCR said that in states where the markets were open in the early days and partially open for a few hours later, there was very little rush of customers as people are vulnerable to fear and essential commodities. Leaving shopping and avoiding to go to the markets. He said that this could increase the business in e-commerce. It has been observed that despite the restrictions in each state, various e-commerce companies are engaged in the sale and distribution of non-essential items and no state has paid any heed to it. CAIT and traders of the country have protested. It seems that these companies have been allowed to violate the law and policy and have no fear of the law anymore.
Both Bhartia and Khandelwal urged the Union Finance Minister, Mrs. Nirmala Sitharaman and the Chief Ministers of all the states to give traders a financial package to restore their business activities when the lockdown is lifted. The responsibility of the traders is not only that of the central government, but also the state governments are responsible for the merchants of their respective states.
Sushil Kumar Jain recalled that during the lock-down last year, traders had no place in the various packages announced by the government, although the interests of all other sectors of the economy were duly taken care of. He said that as a first step, the government should postpone the statutory dates of all the cradles under GST, Income Tax and TDS till at least August 31, 2021. In addition, banks and other financial institutions should be directed to give loans to traders in an easy and concessional rate of interest. Bank charges should be waived for making digital payments and the government can subsidize bank charges directly to banks.
Sushil Kumar Jain said that the house of Noida should be shown a loss of about 10000 crores to Noida, because the market in Noida is also closed from the beginning.
