Pandemic, demonetization and GST broke the trading community

Rising suicides among traders a cause of concern

Aurangabad, Sep 6:

The report of the National Crime Records Bureau (NCRB) revealed that the suicides among the business community saw a massive spike in the past two years. The business community recorded far more deaths than farmers in the country. Especially, the suicides increased by 50 per cent after the pandemic as 11,716 businessmen committed suicide in 2020 compared to 10,677 farmers. While, 12,055 traders committed suicide as compared to 10,881 farmers in 2021.

According to experts, there is not any specific cause-wise explanation of the suicide numbers but the covid imposed lockdown undoubtedly played a pivotal role. Experts also believe that the after effects of demonetization and the implementation of Goods and Services Tax (GST) exacerbated during the pandemic.

Demonetization and GST were initial blows

"Demonetization and GST were the initial first blows sustained by the business community followed by Covid. Even small businesses were hit hardest due to the covid induced lockdown. However, financial stress, rising loans and rents, competition from online companies, inflation, bureaucracy, family issues can be the cause of suicides. Banks shy away from lending to businesses sector. We have been hearing about farmers suicides and governments responses by way of loan wavers and incentives to alleviate the hardships of the farmers. But no such packages and waivers are raised for the trading community," said Jagannath Kale, general secretary of the Marathwada Chamber of trade and Commerce (MCTC).

Issues should be highlighted on national level

Whereas farmers suicides have been highlighted, debated and published widely catching the attention of the nation creating a hue and cry about them, but no serious attempt has been made to take cognizance of such serious incidents affecting the business community and to study its impact on the economy of the nation by the government. There is no official record maintained by the government with respect to covid-related shutdown of businesses. Many suicides are committed due to financial stress, family problems, non-fulfillment of expectations, rising loans and depression due to the ongoing circumstances, said Zilha Vyapari Mahasangh president Vijay Jaiswal.