India’s retail sector loss is Rs 5.5 lakh cr!

TIL Desk/Business/New Delhi/ The Indian retail sector has lost a gigantic sum of Rs 5.5 lakh crore ever since the COVID-19 led countrywide lockdown was imposed from March 25, the Confederation of All India Traders said on Tuesday.

At least 20 per cent of Indian retailers will collapse and wind up their businesses in the next few months, it claimed while urging Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to support the trading community with a substantial economic package to ensure its survival.

CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said the COVID-19 epidemic has caused “a huge and irreparable dent to the retail trade which will have a devastating effect on the whole country.