Traders say protests, rallies in city cause Rs 40 billion loss in a month

Local businesses suffered at least Rs 40 billion during the last one month as continued protests and rallies left trade activities dwindled by some 60 percent, traders claimed on Tuesday. Besides, the soaring cost of business has triggered nearly 30 percent retrenchments in the small industrial units and different markets of the city, they said.
"The continued protests and rallies in the recent weeks in the city have paralysed business activities," said a leading wholesaler in the old city area, Abdul Rahim. Traders are now more anxious about the survival of their existing set-ups because of vandalism and killings which erupts spontaneously and take over the city's peace within small hours, he added.
"The skyrocketing cost forces the traders to resort to downsizing their businesses in a bid to gain profits amid unstopping inflation," said a retailer, Mehmood Ali. He said the government's policy of changing the fuel prices every week has further panicked the weak traders and poor buyers. He said sales of many essential items of daily use have significantly declined in the wake of weak purchasing power of buyers in the city.
An owner of cottage industrial unit in old city area, Shakoor Siddiqui, said that the inflation had also badly affected the earnings of traders who were compelled to scale down their working staff to avoid financial losses. "Over 30 percent unemployment in small manufacturing units has taken place in recent months because of the surging cost of business," he said, adding that downsizing at markets has also happened.
He said the trend of downsizing businesses have left hundreds of daily wagers dejected as chances of their jobs survival at markets seem very poor. "The country's once financial hub providing shelter to millions to earn and stay is gradually losing its status," he said.
In addition, traders complained about the continued worsening law and order across the metropolis. They said that the lack of government's support and its inaction against the outlaws began ruining the existing businesses. "Violence, extortion and target-killings have implicated nearly all big and small markets of the city with serious threats to the traders lives and their businesses in the absences of rule of law," said a wholesaler, Shafiq Shahid. He feared the continued trend of uncertainty may lead the country's economy and businesses to a fast dwindling. He said the "powerful" extortionists rule the streets of the city.