Electronics traders demand market reopening to break economic deadlock
Aurangabad, May 29: For the second year in a row, containment has hit the electronics market. Zero income …
Aurangabad, May 29:
For the second year in a row, foreclosure has hit the electronics market. Zero income and huge debts put traders in financial trouble. The TV Dealers Association demanded that the district administration allow all stores to open from June 1 to resolve this dilemma.
There are 160 electronics showrooms in the neighborhood. Of these, 100 exhibition halls are in the city. The turnover of the electronics market remained weak during the holiday season. Between March and May, 25,000 to 30,000 coolers, 5,000 to 6,000 air conditioners and 15,000 to 20,000 refrigerators are sold. But almost 80% of business has been affected. Each distributor of electronic products has a bank loan of between Rs 1 crore and Rs 5 crore. Likewise, store rent, warehouse rent, light bill, staff salaries and other tax bills continue. Distributors of electronics and household appliances suffered significant losses in two consecutive seasons. Many traders are under a lot of stress. The number of corona patients has declined and electronics distributors are demanding that stores be allowed to open from June 1, either from 10 a.m. to 2 p.m. or from 4 p.m. to 8 p.m.
Small electronics stores closed
About 12 small and medium-sized electronics stores in the city have closed. The administration should allow us to open stores now to resolve the financial issues. Otherwise, other stores will be closed in the near future. The district administration should take note of the seriousness of this problem, said Sanjay Sanghvi, president of the association of television dealers.
Debts have increased
There has been a foreclosure during the holiday season for two consecutive years. During this period, 40 percent of the annual turnover is generated. Now the debts have increased. If the showroom is not allowed to open from June 1, we will hand over the key showroom to the district administration, said Sanjay Kore, director, Shri Distributors, Electronics
Pushed us four years behind
For the second year in a row, stores were closed from March to May due to the lockdown. Four-day sales on Diwali and Gudipadva are significant. This has set us back four years in electronics sales, said Arun Jadhav, director of Arun Electronics.
Give an extension to pay the loan installments
Showrooms are closed during confinement. Eighty percent of refrigerators, air conditioners and coolers are unsold. To get out of this financial galley, the banks must allow us to repay the installment loan over a period of 3 months over the next 12 months. No compound interest should be charged there, said Pankaj Agarwal director Sania Distributors.
Allow showrooms to open in the morning or evening
The electronic market should be allowed to open showrooms at any time from 10 a.m. to 2 p.m. or from 4 p.m. to 8 p.m. Because now it is impossible to close the business. The trader is stuck in a financial dilemma, said Deepak Sarvade, director of the Sarvade agency.