Retailers in India are expecting their business to recover within a year. At least 70 percent retailers are in the hope of getting back to normalcy soon, while 20 percent anticipate it to take more than a year, stated industry body Retailers Association of India (RAI).
Retail industry has above 15 million retailers and employees of over 40-50 million people, which is facing the pique of coronavirus outbreak and the draconian of nationwide lockdown. Many stores are closed across the country, except stores that sell essential needs.
“70 per cent of retailers expect business recovery to happen in more than 6 months, 20 per cent expect it to take more than a year,” the survey stated. “In the next 6 months, non-food retailers expect to earn 40 per cent as compared to last year’s revenues.”
Sakshi Gupta, Senior Economist, HDFC Bank, Gurugram said, “The NSO signalled that the inflation release is not comprehensive as field surveys were suspended due to the lockdown. Therefore, it does not reflect if there were any price pressures due to panic buying of essential goods during the second half of March 2020.”
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