The Retailers Association of India (RAI) says, COVID-19 pandemic amid an economic slowdown has hit revenue at Indian retailers selling non essential items like clothes and jewellery by 75 percent so far and is likely to cause widespread job losses.
About 40 per cent of the six million employees working in India's modern retail sector could likely lose their jobs in the next four months if the government does not intervene.
Unless the government provides some relief, revenues are likely to slide by 90 per cent in the next six months. To deal with this, RAI has suggested moratoriums on the payment of loans, and on the payments of the goods and services tax (GST) and other government duties.
The RAI represents 500,000 stores in India, including brands like V-Mart , Shoppers Stop , Future Group and Avenue Supermarts , which operates the grocery chain D-Mart.
India has registered 341 cases of Coronavirus, with seven deaths as of Sunday. Experts have warned the rate of increase in cases in India mirrors those seen in the early stages of outbreaks in other countries, which then went on to see rapid growth.
Gurgaon-based fashion retailer V-Mart Retailer has seen a 30 per cent fall in revenue in the week of March 15-21 due to store closures. The retailer has shut about 116 of its 265 stores as of Saturday