As Prime Minister Narendra Modi called for a nation-wide self-isolation on Sunday, traders across the country have decided to honour the call and keep their establishments shut on Sunday.
As Prime Minister Narendra Modi called for a nation-wide self-isolation on Sunday, traders across the country have decided to honour the call and keep their establishments shut on Sunday, traders’ body CAIT said on Friday. “On the clarion call of Prime Minister Narendra Modi, seven crore traders across the country will shut down their shutters on Sunday, 22 March, to participate in Janta Curfew,” Praveen Khandelwal, General Secretary, CAIT, said in a statement. With this, 40 crore employees of traders are also expected to remain at their home. India’s national capital Delhi alone has nearly 15 lakh traders who employ around 35 lakh people.
Coronavirus is already taking a toll on the country’s trade and retail and half of India’s businesses are now feeling the heat of the outbreak. From aviation to restaurants, the situation is dire as demand has slumped and footfalls have decreased. In fact, the same is also forcing businessmen to consider lay offs and salary cuts for employees. According to a latest report by FICCI, aviation, hospitality and tourism are the worst affected sectors due to coronavirus, but others are also staring at major revenue loss. “Almost three-fourth of the businesses indicate big reductions in orders. Of these, almost 50% indicate a 20% and more decrease in the orders,” another FICCI report said on Friday. CAIT had also earlier said that the coronavirus has led to a major supply chain disruption.
Meanwhile, as coronavirus continues its onslaught on the economies worldwide and India as well, Prime Minister Narendra Modi recently announced constituting a ‘COVID-19 Economic Task force’ to assess the impact of the outbreak, he said in his address to the nation on last night. The taskforce will come under the purview of the Finance Ministry and will be supervised by Finance Minister Nirmala Sitharaman. The task force will work on the feedback received from various state governments, he had added.