Businesses transactions worth crores hit as traders down shutters

Chennai:

Business was hit across the city as an estimated three lakh shops remained losed with traders protesting at various parts of the city against foreign direct investment in multi-brand retail and hike in petrol prices.

The bandh, which is backed by two powerful traders' bodies --- Tamil Nadu Federation of All Traders Association and Tamil Nadu Vanigar Sanigangalin Peravai, has affected businesses worth thousands of crores in the state and city.

General Secretary of Tamil Nadu Federation of All Traders Association Mohan told Express the day-long bandh has affected an estimated Rs 25,000 crore worth of business transactions in the state and a loss of Rs 200 crore to the exchequer as taxes. Traders across the state suffered a loss of rs 1,500 crore, he said.

The association claimed that an estimated total business transactions worth Rs 5,000 crore was hit in Chennai alone with the traders suffering a loss of Rs 300 crore and the state exchequers losing out Rs 50 crore to its kitty.

The fruit and vegetable market in Koyambedu wore a desolate look as traders downed their shutters but business was normal in the flower market in Koyambedu.

Mookaiyan, secretary of Koyambedu Flower Wholesale Market Association, told Express that they had expressed their inability to close the shops during the festival season. “But this does not mean we don’t back the protest.  We support the bandh whole-heartedly,” he said.

Mohan said the associations have agreed to spare perishable goods, medical shops and other small public utilities.

However, supermarket chains like Reliance Fresh, Nilgiris, Spencers and many other groups remained open by keeping their shutters partially open. However, business was dull as housewives and other shoppers preferred to stay indoors rather than go shopping.

Interestingly, many eateries remained open while food chains like Vasantha Bhavan, Sangeetha, Saravana Bhavan and Murugan Idli remained  closed. Surprisingly, many of the shopkeepers also preferred to observe the bandh with shutters half down while conducting their daily business.

Tamil Nadu Vanigar Sanigangalin Peravai Vellayan said that those shops that remained open were not aware of the gravity of the issue.  He said the bandh was a total success.