Traders across the country suffered an average 45 per cent loss in business during the first week of January, said Confederation of All India Traders (CAIT) as states imposed fresh Covid regulations to curb rising cases.
The decline came two months after the record-breaking sale of Rs 1.25 lakh crore by traders and retailers during Deepavali.
CAIT conducted a survey in 36 cities across different states in the country between January 1 and 6 to find out consumer behaviour and loss to businesses.
The survey findings revealed that the country's domestic trade has declined by an average of about 45 per cent in the last week. The main reason for this decline is the panic among people due to the third wave of Covid, lack of liquidity and large sums of money getting stuck in credit.
CAIT appealed to the state governments that alongside restrictions, they should ensure that commercial and economic activities go on smoothly.
"It would be better if trade associations across the country are consulted before taking steps (especially closure of business-related activities) to fight back the pandemic, the traders' body said.
It said business activities in the country received a jolt due to the Omicron wave and "central and all the state governments need to pay attention".
It said while there is a decline in business in FMCG sector to the tune of 45 per cent, while in electronics, it is down by 50 per cent.
Check out latest DH videos here