Traders ignored while announcing economic package: Federation

Excelsior Correspondent
JAMMU, May 18: While the Union Finance Minister Nirmala Sitharaman announced all relief and reform measures as part of the Rs 20 lakh crore economic package to tide over the Coronavirus crisis, but a major segment of the economy, “the trading community” has been feeling left out as no specific support came in for them.
Traders Federation Ware House Nehru Market (Regd) Jammu in a statement said that the traders have been totally ignored while announcing the economic package. Federation has expressed disappointment and resentment against the Government on behalf of the trading community who have been completely ignored while announcing the Economic package.
Describing the Government’s approach as a “step-motherly” treatment towards traders, the Federation general secretary, Deepak Gupta said that every trader is anguished and registers their protest today because they have been completely sidelined by the Government while preparing the much awaited economic package.
“We had a meeting of office bearers under the presidentship of Rattan Lal Gupta, president Traders Federation Ware House Nehru Market Jammu and teleconference with trade heads of mobile, shoe sellers, cloth merchants, hardware, automobiles etc., where in, it came to fore that this community will be landing into great financial crisis on lifting of lockdown as they will have to pay salary, interest, bank loans, taxes, electricity bills and various other financial obligations”, Gupta said.
It is expected that nearly 20% traders will have to wind up their business and another 10 % dependent on these 20 %, will have to close their business, the general secretary said. He said that traders needed wage support, moratorium for payment of principal and interests and support in the form of working capital. These measures are critical to survive. Even the relief measures offered to MSMEs by the government do not help trade as traders are not covered under the MSME sector, he said.
Gupta said traders need working capital in their hands to retain employment as lack of support will result in closure of business.
Senior vice president Dheeraj Gupta, vice president Munish Mahajan, secretary Abhimanyu Gupta and cashier Vishal Gupta were also present during the meeting.

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