According to sources the novel coronavirus pandemic could trigger a wave of job losses across the retail industry, which has been suffering due to slow sales after the virus spread in India. But it is expected to get worse in coming days with lockdowns in at least 75 districts. Some indian retailers selling non-essential items like clothes and jewellery have already suffered a revenue loss of 75 per cent due to the ongoing situation.
The Retailers Association of india (RAI) Chief Executive Kumar Rajagopalan told Reuters that about 40 per cent of the six million or employees working in the retail sector could lose their jobs. This means over two lakh people employed in India’s retail sector could lose their jobs if the government does not intervene. Rajgopalan said, suggesting moratoriums on the payment of loans, and on the payments of the goods and services tax (GST) and other government duties "Unless the government provides some relief, revenues will slide by 90 per cent in the next six months".
RAI represents around five lakh stores in india including brands like V-Mart, Shopper’s Stop, Future Group and Avenue Supermarts. Many other major retail brands have announced that revenues have already dipped due to the Covid-19 outbreak, which has crossed the 400-mark in india and killed eight people so far. business, especially those selling non-essential items, can face a long spell of dry revenues if the spread of the virus intensifies.
