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COVID-19 impact: Curbs on market openings caused losses worth Rs 5,000 crore in 5 months, says CAIT

Restrictions were imposed on opening of markets across the state since the outbreak of COVID-19 in March, with a complete lockdown till July that followed graded opening of shops and commercial spaces with curtailed timings and certain curbs

twitter-logoPTI | September 9, 2020 | Updated 08:34 IST
COVID-19 impact: Curbs on market openings caused losses worth Rs 5,000 crore in 5 months, says CAIT
The CAIT has hailed the Uttar Pradesh government's order to lift Sunday restrictions on markets, saying the move will help restore normalcy and boost slumping trade

Restrictions on opening of markets in the past five months have caused a loss of about Rs 5,000 crore in Noida, the NCR unit of the Confederation of All India Traders (CAIT) said on Tuesday. The CAIT has hailed the Uttar Pradesh government's order to lift Sunday restrictions on markets, saying the move will help restore normalcy and boost slumping trade.

Restrictions were imposed on opening of markets across the state since the outbreak of COVID-19 in March, with a complete lockdown till July that followed graded opening of shops and commercial spaces with curtailed timings and certain curbs. However, the state government on Tuesday revoked its order of mandatory closure of markets on Sunday, reverting to the pre-coronavirus lockdown arrangement.

Also read: How to predict consumer behavior in a post-COVID-19 world

"We welcome the UP government's decision of lifting the lockdown and allowing the markets to function as they did before of lockdown. This shall help restore normalcy and bring a much-needed boost to our slumping trade," CAIT's NCR Unit Convenor Sushil Kumar Jain said. "In more than five months of lockdown, business in Noida has suffered a loss of about Rs 5,000 crore and many businesses have permanently closed down, while many are on the verge of close down," Jain, also the president of Noida's biggest Sector 18 market association, said.

He added that this order to allow markets to open will bring relief and business will grow slowly to gain its growth as before. In a review meeting, Chief Minister Yogi Adityanath said the markets will now close as per their earlier schedule instead of the weekly closure on Sunday, according to an official statement.

Also read: COVID-19 effect: Consumer confidence plunges in May; GDP likely to contract by 1.5% in FY21, says RBI survey

He said except containment zones, hotels and restaurants should be made operational in all areas and it should be ensured that all safety measures are followed. The chief minister asked officials to take measures for the protection of health workers from the infection, it added.

Also read: Coronavirus impact: How consumer behaviour will change post-COVID-19 lockdown

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