: CAIT denies rumours of market shutdown; says if govt takes such decision, traders will comply with the same #FinanceIndia #StockMarketNEWS CAIT denies rumours of market shutdown; says if govt takes

@StockMarketNEWS Thu 19 Mar, 2020

Posted in: #FinanceIndia #StockMarketNEWS

CAIT denies rumours of market shutdown; says if govt takes such decision, traders will comply with the same #FinanceIndia #StockMarketNEWS
CAIT denies rumours of market shutdown; says if govt takes such decision, traders will comply with the same New Delhi, Mar 18 (KNN) Denying the rumours of markest shutdown in the national capital and in other states, the Confederation of All India Traders (CAIT) on Wednesday clarified that so far no trade association has taken any decision to close the markets in the wake of corona virus.

The Government is taking various steps in combating COVID-19 at the front and therefore any decision of such closure can be taken in consultation with government, other agencies and with trade leaders of each state including Delhi. However, if government takes any such decision, the traders will comply with the same, said CAIT in a statement.

CAIT National President BC Bhartia and Secretary General Praveen Khandelwal asserted that trade leaders will consider all pros & cons of any shutdown of the markets as the shops of the traders are first point contact for 130 crore people for meeting their requirements.

There are about 7 crore traders in the country providing employment to nearly 45 crore people and as such any decision of closure of shops will be taken after due consideration, they added.

Commenting on over the possibility of spreading of COVID-19 through e-commerce, the duo said that closure of physical markets is not the only solution unless sales of e commerce platforms are also banned as the possibility of infection in goods delivered by e commerce companies cannot be ruled out.

Even the delivery boys of the e commerce companies visit several places in the day to deliver the goods mostly to unknown people and no one knows when they get infected by any person suffering with virus. Therefore, closure of e commerce sales is all the more much required, they asserted.

Both Bhartia & Khandelwal said that fear of corona virus has gripped the commercial markets and people of all walks of life are beginning to feel its impact.

The footfall of the customers is going down each day precisely because of prevailing panic and fear. Delhi is the largest centre for distribution of trade in the Country. About 5 lakh traders from other states visit Delhi daily for procurement of their stores. This number of 5 lakh has gone down considerably to about One lakh and general consumer is avoiding in visiting markets, they said.

According to traders body, an estimate business to the tune of 30 per cent is so far affected due to COVID-19 because of lower turnout of consumers in the markets.

So far, the total number of reported novel coronavirus cases in India has climbed to 153, with 12 fresh cases reported from various parts of the country on Wednesday.

The total cases in India include 25 foreign nationals and the three persons who died in Delhi, Karnataka and Maharashtra.

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