financetom
Economy
financetom
/
Economy
/
COVID third wave hit retailers hard; experts discuss road to recovery
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
COVID third wave hit retailers hard; experts discuss road to recovery
Feb 16, 2022 12:09 PM

The third wave of the COVID pandemic dealt a body blow to Indian retailers, who were just trying to get back on their feet.

As per data released by the Retailers Association, sales on a pan India basis plummeted by 9 percent in January compared to January 2020, a pre-COVID month. Eastern India with a 14 percent fall was the worst affected.

The situation is similar for the auto sector as well. Data from auto dealers highlights that vehicle sales fell by over 10 percent last month when compared to January last year. As per the Federation of Automobile Dealers, non availability of passenger vehicles due to semi-conductor shortage continues to play spoilsport. An internal survey revealed that 55 percent dealers lost over 10 percent sales due to the third wave.

To discuss impact of third wave and road ahead for retail and auto sector, CNBC-TV18 spoke to Vinkesh Gulati, President of FADA; Kumar Rajagopalan, CEO of Retailers Association of India and Ankur Bisen, Senior Partner & Head of Retail at Technopak Advisors.

Watch video for more.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
JPMorgan has a new way to gauge its green progress
JPMorgan has a new way to gauge its green progress
Nov 15, 2023
As the largest energy banker, JPMorgan is a frequent target of criticism over Wall Street’s role in the climate crisis. At the same time, the bank is a leading US arranger of green bonds, making it vulnerable to Republicans seeking to protect the fossil fuel industry.
In fight to curb climate change, a grim report shows world is struggling to get on track
In fight to curb climate change, a grim report shows world is struggling to get on track
Nov 14, 2023
The State of Climate Action report released on Tuesday by the World Resources Institute, Climate Action Tracker, the Bezos Earth Fund and others looks at what's needed in several sectors of the global economy power, transportation, buildings, industry, finance and forestry to fit in a world that limits warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) over pre-industrial times, the goal the world adopted at Paris in 2015. The globe has already warmed about 1.2 degrees Celsius (2.2 degrees Fahrenheit) since the mid-19th century.
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Zoomed Out | Critical Minerals — why India's current strategy to become self-reliant is so vital
Nov 29, 2023
Internationally, there are genuine security concerns related to the criticality in building more diverse and dependable value chains for critical minerals, about their environmental and social sustainability, and technological challenges. While, India has taken the right steps for creating an ecosystem for accelerated exploration and production of critical and new age minerals, observes FICCI Mining Committee Co-Chair Pankaj Satija.
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
India looking into 'freak' incidents like damage to Sikkim's Chungthang dam: RK Singh
Oct 18, 2023
Stressing on the need to have quick ramp up and ramp down energy sources for grid balancing, the minister described hydroelectric power's role as essential in the path to energy transition as wind energy is intermittent and the sun doesn't shine 24×7.
Copyright 2023-2025 - www.financetom.com All Rights Reserved