'After blast, Chandni Chowk market has taken ₹300-400cr hit': MP
What's the story
The Chandni Chowk market in Delhi has suffered a major setback after a suspected suicide blast near the Red Fort. The explosion, which reportedly killed 13 people and injured many more, has led to losses of ₹300-400 crore for the market, NDTV reported, quoting MP Praveen Khandelwal. Chandni Chowk, India's largest wholesale market, usually sees a footfall of four lakh people daily and does business worth ₹450-500 crore.
Market impact
Retail footfall has dropped due to police restrictions
Khandelwal said the blast has led to a temporary but significant drop in business. "Trade here has suffered losses of around ₹300-400 crore," he was quoted as saying. He added that retail footfall has dropped due to police restrictions on entry from the Red Fort side. The market was also completely shut on Tuesday after the explosion.
Access issues
Transportation and entry restrictions have kept retail customers away
Khandelwal said no means of transportation are available, with metro stations closed and buses not plying. Private vehicles are also barred from entering the area. This has kept retail customers away from the market. However, wholesale trade remains unaffected as buyers with long-standing business relationships continue their transactions over the phone or online.
Recovery prospects
Wholesale trade remains unaffected
Despite the current setback, Khandelwal is hopeful that the market will bounce back soon. He said it's wedding season and many people have placed orders already. "Consumers will definitely return to the market. This is only a temporary impact," he added. The suspected suicide blast occurred on Monday evening at the traffic signal near Red Fort, just a few meters from Chandni Chowk.