Delhi Markets Lose Rs 11,000 Crore as Rally Halts Trade
New Delhi, November 1: Delhi's markets have suffered an estimated loss of Rs 11,000 crore following a rally at Ramlila Maidan organised by the INDIA alliance, according to the Chamber of Trade and Industry (CTI).
CTI chairman Brijesh Goyal said that the rally had been heavily promoted, with the expectation that around 10 lakh people would take part. Organisers were projected to bring in about 15,000 to 20,000 vehicles. Ahead of the event, the city was gripped by fear and uncertainty, which hit commercial activity hard.
The chamber said that for several days before the rally, concern and traffic restrictions had weighed on the capital's business climate, with direct consequences for markets and trade.
Goyal explained that Delhi typically receives between 3 and 4 lakh outside visitors every day for shopping and business. On the day of the rally, that number fell to a very low level.
CTI said there are nearly 3 lakh shops spread across 22 to 25 major markets around Ramlila Maidan. Based on information gathered from various market associations, the chamber estimates that by evening roughly 2.5 lakh shops, close to 80 percent of all establishments, remained closed. Among those that opened, business was almost non-existent.
Goyal also recalled that CTI had written four times to Rahul Gandhi before the rally, requesting that the programme be called off. Around 100 major market associations had raised the same demand. According to Goyal, the chamber had no political objective and was only appealing to protect livelihoods during the Diwali season.
The CTI chairman welcomed Rahul Gandhi's request that rally attendees support traders by shopping in Delhi's markets. Goyal, however, said that the reality on the ground made this difficult, asking how people could shop when a large number of shops were shut.
Beyond customer numbers, the chamber argued that freight and supply chains were badly hit. Goyal said transport activity within 10 kilometres of Ramlila Maidan was severely disrupted, and loading and unloading had almost ground to a halt.
He said that around 5,000 trucks and tempos normally deliver goods to markets each day from 56 industrial areas, including Narela, Bawana, Okhla, Mayapuri, Mundka and Udyog Nagar. On the day of the rally, the disruption meant that goods meant for Dhanteras and Diwali were stuck in warehouses and could not reach shops.
Traders say the period before Dhanteras and Diwali is the most important business season of the year, and any setback during this time has an impact on earnings for the entire year.