English News

  • youtube
  • facebook
  • twitter

Businesses suffer over Rs 5 lakh crore loss due to Covid 19 induced restrictions

Lockdown blues

Several Covid 19 induced restrictions including lockdown in Delhi and Maharashtra have caused a business loss of over Rs 5 lakh crore in this month alone.

Out of Rs 5 lakh crore business loss, retail business comprise Rs 3.5 lakh crore while the rest is wholesale. Footfall in market places has fallen by 80 per cent. 

The data has been collected by the Confederation of All India Traders (CAIT) based on feedback from 14 states — Maharashtra, Delhi, Uttar Pradesh, Kerala, Karnataka, Gujarat and Madhya Pradesh among others. No study has been conducted so far in West Bengal, Punjab, Haryana, Jammu and Kashmir. The Northeastern states have also not been covered.

Meanwhile, India, which opened up vaccination for all adults from May 1, reported over 3.19 lakh cases new cases on Monday.

In a study, the State Bank of India (SBI) said that India Covid 19 peak will happen around the third week of May.

“Our model suggests that the estimated peak time is 96 days from 15 February, indicating the peak happening in the third week of May. It may be noted that we are incrementally adding around 15,000 more cases over peak of previous day as of today, though such numbers are difficult to predict,” the report said.

India, which has thrashed out a stimulus package of Rs 29.87 lakh crore — equivalent to 15 per cent of the GDP — in a bid to contain the impact of the virus on health and economy, may not be in any position to offer additional financial assistance.