Diwali is just a couple of weeks away and people are waiting to get into the buying spree. Even then, traders say the prolonged economic slowdown coupled with effects of demonetisation and faulty implementation of GST has robbed markets of the usual festive sheen.
Businessmen added that if the business does not improve, the situation will worsen after Diwali.
Traders are complaining that business is worse even compared to 2016 or after demonetisation. "There are absolutely no footfall in the market. In the previous years, we would not be free to respond to phone calls. This year, on most days we have no one to attend to them. While we have seen a slowdown previously, this is unprecedented,"said Sunil Motwani, president of Relief Road Electronics Market.
He said sales had dropped by as high as 70 per cent. Traditional retailers are facing the brunt of organised retail as well as online shopping.
The textile market also complained of a gloom. The markets, which are usually abuzz with activity from Navratri onwards, have been quiet even after Dussehra. Not only Ahmedabad, but other centres in the state and the country are also facing a similar situation.
I was in Bhilwara and it is full of traders from Gujarat and Madhya Pradesh. This time, there are hardly any traders," said Kirit Patel, president of Panchkuwa Kapad Mahajan.
Jewellers are the worst affected as restrictions on buying gold in cash is an additional factor that decreased sales. At Manekchowk market, which is normally crowded, traders are awaiting customers, which are few. Jewellers say the overall spending power of households has decreased and additional taxes like the Goods and Services Tax (GST) is adding insult to injury.
At least after demonetisation, people transacted in cheques. Now it seems that most of them have run out of money," said Chinubhai Shah, president of Shree Manekchowk Choksi Mahajan.
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