Jubilee Post News & Views
Jubilee News Desk
This news shall make you ‘think twice.’ Online resale platform OXL that is better known for resale of used products from individuals and shop owners now has entire shops on sale.
IN big cities including Lucknow and Kanpur at least over a dozen shops have come on sale. Not one or two items or a range of items but the entire shops. This throws light upon the reasons too.
A youth who lost job in the first wave started a business and took a shop to sell cosmetics and gift items. But the second wave was even tough for him e covid infection took life of his father and then the business came on the brinks. This businessman has decided to sell off his entire shop for Rs 1.50 lakh.
It is significant here that the shops on sale are the ones connected with the business of leisure such as cosmetics, beauty parlor, crockery, saloons, café, restaurant, mobile shops and other such shops.
It has to be noted here that about half-a-dozen nursing homes too are up for sale in the state capital. The owners either decided to stop running the medical establishment or lost lives during the covid wave.
The key reasons for such sale in the market are the market downturn due to covid. The economic imbalance in the market has yet another figure that says about 3.5 crore middleclass people got their status changed to lower middle class category. Chiefly are there small time businessmen.
A direct impact of job loss has been upon the market and business. The rise of online market had already disturbed the business of shopkeepers and while they were trying to make attempt and find a way out for that the recent wave made the buyers to restrict themselves.
Middleclass families are strictly avoiding the purchase of non-essential items and visits to saloons and restaurants have gone down critically. So spending upon looks and appearances has gone to almost meager. The shopkeepers have nothing to sell but the expenses upon maintenance of the shop, salary of staff, electricity bill and other remain almost the same. With no or very less income these expenses now seem heavy.
The government has into consideration all these factors and has decided to distribute mudra load but with uncertainty about the future the shopkeepers are apprehensive to take loans. Those who came from villages and managed to earn enough to open a shop also went back in the first wave. They came back but with second wave their savings too got finished. They are back to villages and do not want to open shop again.
The recent report of the Reserve Bank of India says Indian economy has got a big jolt arising out of two covid wave and according to news reports 10000 shops selling mobile phones were closed down in the past one year.
On the other hand some new business also picked up during covid such as hand sanitizer, masks, hand wash and PPE kit but for how long this demand will remain no one can tell. The closure of small shops has given online marketing platforms such as Amazon, Flipkart the benefit but the sale of non-essential items has gone down there also.
Covid has changed life but also the demand and supply chain. In such as situation what shall be the future prospects for small shopkeepers is a question the Niti Ayog is yet to answer. The finance department is working to distribute more loans and shopkeepers are apprehensive to take it.
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It is now clear that if the government does not review the changed scenario quickly and then made changes in its schemes there shall be many families who might see their next generation struggling and several might fight with malnutrition, and poverty. It will then be difficult situation for the government too.
