Markets from north to south count a month of biz losses a month before state’s biggest festival
Times of India | 10 September 2024
12 Kolkata: The market is counting one month of business losses before the state’s biggest festival in the second week of Sept. Public anger and resultant protests over the Aug 9 rape and murder of the PGT doctor at RG Kar Medical College and Hospital has dealt a big blow to business with shopkeepers still waiting for sales to pick up with less than a month to go for Durga Puja.
Traders in different markets said business did not witness such a slump even when markets reopened after the lockdown during the pandemic. Two weeks ago, TOI had reported a business loss of over Rs 2,000 crore in Kolkata over two days, when Chhatra Samaj organised the Nabanna March on Aug 27 and BJP called a Bangla bandh the day after. Traders of only one market in Burrabazar have reported losses of over Rs 7.5 crores in the past four weeks.
“People are not in the festive mood and it is reflecting in their buying behaviour. A majority has not even stepped out to shop for the festival,’ said Rajiv Changoiwala of Satyanarayan Park AC Market Shopkeepers’ Welfare Association. Traders at Shreeram Arcade opposite New Market replenished their stocks but customers have been absent. They have pegged their losses at Rs 5 crores. “This time of the year, the area would be so crowded that one could only see heads of people. But this year, there are hardly any customers in the market. Shopkeepers are sitting idle for the better part of the day. If this continues we will be in a terrible soup as we have to pay our suppliers, rent and salaries to our staff,” said Maqsood Khan, secretary of Shreeram Arcade Shop Owners’ Association. “The sales have dipped by almost 40 to 45 percent. The festive spirit is missing,” Nandan Dhar, vice-president of Bangiya Swarna Shilpi Samity.
Sushil Poddar, of Confederation of West Bengal Trade Associations, said that every sector has been hit hard. “There was a slight upswing in the number of customers on the weekend but it is insufficient to make up for the losses over the past month.”