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Curbs on market openings caused loss of Rs 5,000 cr in 5 months: CAIT

The CAIT has hailed the Uttar Pradesh government''s order to lift Sunday restrictions on markets, saying the move will help restore normalcy and boost slumping trade

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CAIT | Market | Uttar Pradesh government

Press Trust of India  |  Noida 

Coronavirus, emerging markets
The state government on Tuesday revoked its order of mandatory closure of markets on Sunday, reverting to the pre-coronavirus lockdown arrangement

Restrictions on opening of markets in the past five months have caused a loss of about Rs 5,000 crore in Noida, the NCR unit of the Confederation of All India Traders (CAIT) said on Tuesday.

The has hailed the Uttar Pradesh government's order to lift Sunday restrictions on markets, saying the move will help restore normalcy and boost slumping trade.

Restrictions were imposed on opening of markets across the state since the outbreak of COVID-19 in March, with a complete lockdown till July that followed graded opening of shops and commercial spaces with curtailed timings and certain curbs.

However, the state government on Tuesday revoked its order of mandatory closure of markets on Sunday, reverting to the pre-coronavirus lockdown arrangement.

"We welcome the UP government's decision of lifting the lockdown and allowing the markets to function as they did before of lockdown. This shall help restore normalcy and bring a much-needed boost to our slumping trade," CAIT's NCR Unit Convenor Sushil Kumar Jain said.

"In more than five months of lockdown, business in Noida has suffered a loss of about Rs 5,000 crore and many businesses have permanently closed down, while many are on the verge of close down," Jain, also the president of Noida's biggest Sector 18 association, said.

He added that this order to allow markets to open will bring relief and business will grow slowly to gain its growth as before.

In a review meeting, Chief Minister Yogi Adityanath said the markets will now close as per their earlier schedule instead of the weekly closure on Sunday, according to an official statement.

He said except containment zones, hotels and restaurants should be made operational in all areas and it should be ensured that all safety measures are followed. The chief minister asked officials to take measures for the protection of health workers from the infection, it added.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, September 08 2020. 23:39 IST
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