Gandhi not formally conferred Father of the Nation title: Govt

New Delhi, July 20: India's retail trade has suffered a business loss of about Rs 15.5 lakh crore in past 100 days due to the COVID-19 lockdown, traders' body CAIT said on Sunday. 

In a statement, the Confederation of All India Traders (CAIT) said traders across the country are depressed because of minimal of the consumers, considerable absence of employees, facing financial crunch and yet have to meet several financial obligations.

"No support policy from the central or state governments is yet another crucial factor which is haunting the traders," CAIT claimed. 

CAIT Secretary General Praveen Khandelwal said the domestic trade is passing through its worst period in the current century which reflects that if immediate steps are not taken about 20 per cent of the shops in India will have to close down their shutters.

The traders’ body has also urged the government to award a substantial package to traders to ensure their survival. Their demands include: Relaxation in payment of taxes, extension in repayment of bank loans and EMIs without any further interest or penalty as well as measures that would provide money directly in the hands of the traders.

In April, the losses stood at about Rs. 5 lakh crore whereas in May it was estimated to be about Rs. 4.5 lakh crore, followed by Rs. 4 lakh crore in June. Losses stood at about 2.5 lakh crore in the first fortnight of July offering a grim snapshot of the effect of the pandemic on consumer spending. 

“Even as the lockdown was relaxed, store footfall was only 10 per cent. Most of these traders do not have deep pockets to sustain this severe economic catastrophe and on the other hand have several financial obligations to meet. At this crucial time, handholding of these traders is all the more much required,” Khandelwal said.

Bengaluru, May 22: Amazon.com Inc’s India unit said it would hire 50,000 temporary workers to meet a surge in online shopping in the country, where customers have been stuck indoors for two months in a lockdown to fight the coronavirus outbreak.

E-commerce firms faced massive disruption in the initial days of the lockdown in India, but a slow easing of the stringent regulations has allowed them to resume large parts of their operations.

"We want to continue helping customers all over India get everything they need so they can continue to practice social distancing," Amazon senior executive Akhil Saxena said in a statement on the company's blog. (bit.ly/2A1Wv7O)

“(The move) will also keep as many people as possible working during this pandemic while providing a safe work environment for them,” said Saxena, Amazon’s VP for customer fulfillment operations in APAC, MENA & Latam.

The temporary hires will work in Amazon’s fulfillment centers and as part of its delivery network, the company said, making the announcement at a time when various other companies in the country have been forced to cut jobs as they try to tide over the health crisis.

Amazon itself has pushed its annual global Prime Day event, traditionally a summer affair, to September, the Wall Street Journal reported on Thursday.

In India, where the Jeff Bezos-led company faces stiff competition from Walmart Inc’s Flipkart, Amazon earlier said it plans to create 1 million jobs by 2025.

The company also said on Thursday it plans to enter the food delivery business in India, pitting itself against well-established startups such as Swiggy and Zomato.

New Delhi, May 13: Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Wednesday.

The information regarding the press conference by the Union Finance Minister was given through a tweet by the Ministry of Finance today morning.

Sitharaman's press conference comes a day after Prime Minister Narendra Modi announced USD 265 billion fiscal stimulus to deal with COVID-19 situation in the country. The package is the second largest in Asia after Japan.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India's GDP," the Prime Minister said in his address to the nation on Tuesday.

"This economic package is for our small-scale industries, MSMEs, which are the means of livelihood of crores of people and is the strong base of our resolve for self-reliant India. To prove the resolve of self-reliant India, the emphasis has been given on land, labour, liquidity and laws, in this package," he added.

The PM had also said that the economic package is for "the country's workers, farmers, who are working hard day and night for the countrymen in every season. This economic package is for the middle class of our country, who pays tax honestly and contributes to the development of the country."

He had announced that the fourth phase of the nationwide COVID-19 induced lockdown would be in "new form with new rules."