New Delhi: India’s domestic trade is struggling with its worst days of the century due to covid. With no sign of immediate relief in the near future, it has made traders across the country stand on their knees. Commenting on the economy of the country, the Confederation of All India Traders (CAIT) said that about 25% of small businessmen across the country had around 1.75 crore due to no support package from both the central and state governments to get relief from covid. The shops are on the verge of closure, which will be most disastrous for the country’s economy.
Indian domestic trade which is the largest self-organized sector in the world but has been wrongly described as an unorganized sector. It is one of the most comprehensive business worldwide comprising more than 70 million merchants, employing over 40 crore people and having an annual turnover of 60 million crores.
About 8 thousand main commodities are traded in the domestic trade of India and under each main trade category, India’s trade is contained in many types of trading categories. The banking sector has so far failed to provide formal finance to the sector as only 7% of small businesses are able to get finance from banks and other financial institutions. The remaining 93% of the traders depend on various other informal sources to meet their financial requirements.
