45% business loss in first week of 2022: Survey

NEW DELHI: The Confederation of All India Traders (CAIT) stated that (Micro, Small and Medium Enterprises) MSMEs and other traders across the country lost 45 per cent of their business in the first week of 2022, as states enacted the new COVID-appropriate rules to combat growing cases. According to a survey conducted by the confederation’s research arm, CAIT Research and Trade Development Society, among traders in 36 cities across six states from January 1 to 6, the main reasons for the drop in business activity were panic among people due to the third wave, reluctance among traders for goods distribution from neighbouring cities, capital crunch, and COVID restrictions imposed without consulting the traders. In India, CAIT represents roughly 8 crore traders through 40,000 trade organisations.

In a joint statement, BC Bhartia, CAIT’s National President, and Praveen Khandelwal, CAIT’s Secretary General, stated that the out-of-town customer does not leave his city, whereas consumers only go to the market to buy items when it is truly necessary. The business has suffered a significant decline as a result of this double whammy. Due to the COVID-19 impact, CAIT also expects a decline in business during the approaching wedding season, from roughly Rs 4 lakh crore to only about Rs 1.25 lakh crore.

To combat COVID-19 incidents, several state governments have already implemented night curfews, weekend lockdowns, and limits on public meetings, among other measures. In the previous 24 hours, India has recorded 1.68 lakh new COVID-19 infections. From 0.73 per cent a month ago, the daily positivity rate has risen to 10.64 per cent.