The Hindu : National : Delhi traders face huge loss of business

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Sunday, Oct 08, 2006
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National

Delhi traders face huge loss of business

Staff Reporter

Uncertainty still hangs over sealing, demolition exercises

NEW DELHI: With a huge question mark still hanging over the sealing and demolition exercises in the Capital, traders are faced with a massive loss of business in the run-up to Diwali. A majority of buyers and retailers from within and outside Delhi have started turning to other marketing centres to sell their products and also purchase goods as both Diwali and Id this year are back to back.

Interestingly, suffering huge losses and erosion of business, various traders' associations have joined hands to not celebrate Diwali this year. The Confederation of All India Traders (CAIT) has passed a formal resolution not to celebrate Diwali in view of the uncertainty and decline in business -- both wholesale and retail. The traders are of the view that due to the massive sealing and demolitions exercises the message has gone across the country that things are not in a proper order in Delhi and to do business there could prove risky.

A large number of traders said that the buying spree and rush witnessed in the Capital's markets in previous years during the festive season is missing this time. On their part, the traders are not getting new stocks. Nor are they making any new investments as they dread that if the Supreme Court does not respond positively to the Union Government's review petition, they might have to close shop.

What is even worse is that the Capital's distributive character has also come under serious attack due to this continuous uncertainty. "Buyers from adjoining States of Uttar Pradesh, Haryana, Jammu and Kashmir and Himachal Pradesh who used to throng the markets before Diwali and Id every year have gone missing this year. They are looking instead at local marketing centres like Chandigarh, Ludhiana and even cities like Kanpur and Lucknow to meet their needs.

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