Covid 2nd wave led to business loss of Rs 15 lakh crore in 2 months: CAIT

Figures released by industry body CAIT suggested that local lockdowns have led to a business loss of approximately Rs 15 lakh crore in the last 60 days.

The localised lockdowns imposed by various states during the second Covid-19 wave has led to a business loss of approximately Rs.15 lakh crore in the last two months, said the Confederation of All India Traders (CAIT). CAIT also released figures related to the losses suffered by businesses and added that traders across the country are considering downsizing as they have been hit by recurring monthly expenses, with no income to bear such costs. If businesses are forced to reduce staff, it will lead to a bigger rise in unemployment in the country, especially in the retail sector that provides a substantial number of jobs in the country. A recent report by the Centre for Monitoring Indian Economy (CMIE) indicated that more than one crore people have lost jobs in the country.