24.6 C
Delhi
Tuesday, October 20, 2020

Retailers upset over no govt support, warn of business closures

- Advertisement -

Centre to amend Essential Commodities Act; deregulate pulses, onionNew Delhi, May 18 (IANS) Finance Minister Nirmala Sitharaman may have announced all relief and reform measures as part of the Rs 20 lakh crore economic package to tide over the coronavirus crisis, but a major segment of the economy – the retailers and the trading community — are feeling left out as no specific support came in for them.

The Confederation of All India Traders (CAIT) in a statement said that the seven crore traders of the country have been totally ignored while announcing the economic package.

“Confederation of All India Traders(CAIT) has expressed deep disappointment and resentment against the Government on behalf of the 7 crore traders of India who have been completely ignored while announcing the Economic package,” the traders” body said in a statement.

Describing the government”s approach as a “step-motherly” treatment towards retail traders, the CAIT statement said: “Every trader is anguished and registers their protest today because they have been completely sidelined by the government while preparing the much awaited economic package.”

CAIT Secretary General Praveen Khandelwal said that the organisation will seek immediate intervention of Prime Minister Narendra Modi.

As per the traders” body, the community will be landing into great financial crisis on lifting of lockdown as they will have to pay salary, interest, bank loans, taxes and various other financial obligations.

“It is expected that nearly 20 per cent traders will have to wind up their business and another 10 per cent traders dependent on these 20 per cent traders will have to close their business,” the statement said.

Kumar Rajagopalan, CEO of Retailers Association of India (RAI), said that the steps taken under the ”Atma Nirbhar Bharat” economic stimulus will help the country in the long term but the emergent issues facing the retail industry have not been addressed.

In a statement, he noted that retailers needed wage support, moratorium for payment of principal and interests and support in the form ofworking capital. These measures are critical to survive, Rajagopalan added.

“Even the relief measures offered to MSMEs by the government do not help retailers as retail is not covered under the MSME sector,” the RAI CEO said.

He said that retailers need working capital in their hands to retain employment as lack of support will result in closure of businesses, and jeopardise livelihoods and jobs of 4.6 crore employees in modern retail out of which 2 crore work in non-essential retail segment.

“With no income and zero support from the government, the industry doesn”t have the ability to support them. This will lead to a massive slowdown in consumption that will further harm the economy and the country,” Rajagopalan said.

Along with extension of the loan moratorium, the sector had sought support for employee wages and rent among other demands but these did not form part of the package.

–IANS

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

SEBI forms panels to suggest policy for securities market data

Mumbai, Oct 20 (IANS) The Securities and Exchange Board of India (SEBI) has constituted a Standing Committee -- Market Data Advisory Committee (MDAC) --...

Vishal Bhardwaj to adapt Agatha Christie stories as film franchise

Mumbai, Oct 20 (IANS) Filmmaker Vishal Bhardwaj is developing a film franchise based on the works of famed author Agatha Christie. The series will...

AWS partners Niti Aayog for its first India Cloud Innovation Centre

New Delhi, Oct 20 (IANS) Amazon Web Services (AWS), the cloud arm of e-commerce giant Amazon, on Monday partnered with government think tank Niti...

Modi govt receives 213 proposals to end rural water woes

New Delhi, Oct 19 (IANS) The Centre has received a whopping 213 proposals from various Indian tech start-ups, MSMEs, companies and LLPs for a challenge...

Musk one step closer to beam cheaper Internet with Starlink

Washington, Oct 19 (IANS) Elon Musk-run SpaceX has launched 60 more Starlink satellites aboard Falcon 9 rocket to be deployed in low-Earth orbit, bringing...

Xiaomi announces industry-leading 80W wireless charging

Beijing, Oct 19 (IANS) Chinese brand Xiaomi on Monday said it is working on the industry-leading wireless technology that will fully charge the battery...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

‘India can become global PPE hub, more R&D efforts needed’

New Delhi, Oct 18 (IANS) Within six to seven months, India has become a major manufacturer of personal protective equipment (PPE) kits and even...

‘India can become global PPE hub, more R&D efforts needed’

New Delhi, Oct 18 (IANS) Within six to seven months, India has become a major manufacturer of personal protective equipment (PPE) kits and even...

Bharat Biotech & Washington Univ developing nasal vax for Covid: Minister

New Delhi, Oct 18 (IANS) Union Health Minister Harsh Vardhan on Sunday informed that Bharat Biotech will develop an intranasal vaccine for Sars-CoV-2, the...

PM Modi says use poll experience for vaccine delivery system

New Delhi, Oct 17 (IANS) Prime Minister Narendra Modi on Saturday reviewed the Covid-19 pandemic situation in the country and the preparedness of vaccine...

Achievements in poverty reduction at risk due to Covid: FM

New Delhi, Oct 16 (IANS) Finance Minister Nirmala Sitharaman on Friday said that the the impact of coronavirus pandemic continues and the achievements in...

Mask & Movies: How cinema viewing changed in post Covid era

New Delhi, Oct 16 (IANS) After around seven months of complete closure due to the restrictions imposed due to the Covid-19 pandemic, movie theatres...

Trending News In India

Samsung to launch Galaxy S21 series in Jan 2021: Report

Seoul, Oct 19 (IANS) Samsung is reportedly planning to launch the Galaxy S21 seriesin January 2021, with first sales tipping-off early February.Samsung has traditionally...

Vishal Bhardwaj to adapt Agatha Christie stories as film franchise

Mumbai, Oct 20 (IANS) Filmmaker Vishal Bhardwaj is developing a film franchise based on the works of famed author Agatha Christie. The series will...

AWS partners Niti Aayog for its first India Cloud Innovation Centre

New Delhi, Oct 20 (IANS) Amazon Web Services (AWS), the cloud arm of e-commerce giant Amazon, on Monday partnered with government think tank Niti...

Modi govt receives 213 proposals to end rural water woes

New Delhi, Oct 19 (IANS) The Centre has received a whopping 213 proposals from various Indian tech start-ups, MSMEs, companies and LLPs for a challenge...

Musk one step closer to beam cheaper Internet with Starlink

Washington, Oct 19 (IANS) Elon Musk-run SpaceX has launched 60 more Starlink satellites aboard Falcon 9 rocket to be deployed in low-Earth orbit, bringing...

Xiaomi announces industry-leading 80W wireless charging

Beijing, Oct 19 (IANS) Chinese brand Xiaomi on Monday said it is working on the industry-leading wireless technology that will fully charge the battery...

Trending Showbiz

‘Laxmmi Bomb’ highlights transgender community, says director Raghava Lawrence

Mumbai: The horror comedy Laxmmi Bomb, starring Akshay Kumar, is all set to release on November 9, and director Raghava Lawrence, who makes his Bollywood...

‘Laxmmi Bomb’ highlights transgender community, says director Raghava Lawrence

Mumbai: The horror comedy Laxmmi Bomb, starring Akshay Kumar, is all set to release on November 9, and director Raghava Lawrence, who makes his Bollywood...

BARC India remains committed to its stakeholders

Mumbai, Oct 18 (IANS) Broadcast Audience Research Council (BARC) India on Saturday released a statement underlining the fact that the body aimed at ensuring...

Cinemas reopen: Day one sees dull start, but trade experts positive

BY NATALIA NINGTHOUJAM (IANS) Cinemas in several states including Delhi-NCR opened doors to patrons on Friday after seven months the turnout everywhere has been...

Will thwart all attempts to finish off Bollywood: Thackeray

Mumbai, Oct 16 (IANS) Breaking his silence, Maharashtra Chief Minister Uddhav Thackeray on Thursday made it clear that he would resist any moves to finish off...

BARC to pause ratings of news channels

Mumbai, Oct 15 (IANS) Amid the ongoing TRP (Television Rating Point) scandal, Broadcast Audience Research Council (BARC) board is all set to review its...

Trending Sports

KXIP crowned kings after beating MI in 2nd Super Over

Dubai, Oct 19 (IANS/GloFans) In a most dramatic contest, comprising two Super Over deciders, Kings XI Punjab (KXIP) held their nerve to eke out a...

Dhawan’s maiden ton takes DC to five-wicket win over CSK

Sharjah, Oct 17 (IANS) Shikhar Dhawan scored his maiden T20 century while Axar Patel knocked off the required 17 runs off the last over...

ABD magic takes RCB to 7-wicket win over RR

Dubai, Oct 17 (IANS) Royal Challengers Bangalore (RCB) on Saturday beat Rajasthan Royals (RR) by seven wickets, thanks to an unbeaten 22-ball 55 from...

Clinical Mumbai thrash Kolkata in a mismatch

Abu Dhabi, Oct 17 (IANS/GloFans) Maintaining their winning streak, reigning champions Mumbai Indians (MI) outclassed Kolkata Knight Riders (KKR) by eight wickets on Friday...

KXIP survive late choke to beat RCB by 8 wickets

Sharjah, Oct 16 (IANS): Kings XI Punjab (KXIP) survived an extraordinary late choke to end their run of defeats with an eight-wicket win over Royal...

Delhi back on top with 13-run win over RR

Dubai, Oct 14 (IANS) Delhi Capitals (DC) on Wednesday beat Rajasthan Royals (RR) by 13 runs at the Dubai International Stadium and climbed back...

Latest Trending News In India

SEBI forms panels to suggest policy for securities market data

Mumbai, Oct 20 (IANS) The Securities and Exchange Board of India (SEBI) has constituted a Standing Committee -- Market Data Advisory Committee (MDAC) --...

Vishal Bhardwaj to adapt Agatha Christie stories as film franchise

Mumbai, Oct 20 (IANS) Filmmaker Vishal Bhardwaj is developing a film franchise based on the works of famed author Agatha Christie. The series will...

AWS partners Niti Aayog for its first India Cloud Innovation Centre

New Delhi, Oct 20 (IANS) Amazon Web Services (AWS), the cloud arm of e-commerce giant Amazon, on Monday partnered with government think tank Niti...

Modi govt receives 213 proposals to end rural water woes

New Delhi, Oct 19 (IANS) The Centre has received a whopping 213 proposals from various Indian tech start-ups, MSMEs, companies and LLPs for a challenge...

Musk one step closer to beam cheaper Internet with Starlink

Washington, Oct 19 (IANS) Elon Musk-run SpaceX has launched 60 more Starlink satellites aboard Falcon 9 rocket to be deployed in low-Earth orbit, bringing...