business

Delhi traders flag potential impact on 21 markets from November 1 Congress rally, seek postponement

Delhi traders flag potential impact on 21 markets from November 1 Congress rally, seek postponement

It projected that the November 1 rally could bring commercial activity across Old Delhi to a standstill, resulting in losses of up to ₹10,000 crore

The CTI said the narrow lanes of Old Delhi, many of which are only 10 to 12 feet wide, could face severe congestion if vehicles entered the area, with a single truck getting stuck potentially causing traffic jams lasting several hours.

The proposed Congress rally at Ramlila Maidan on November 1 could disrupt business in 21 major wholesale and retail markets in Delhi, including Chandni Chowk, Sadar Bazaar, Khari Baoli and Bhagirath Palace, during the peak festive season, traders' body CTI has claimed.

The Chamber of Trade and Industry (CTI) has written to Congress leader Rahul Gandhi, demanding that the proposed rally, for which the party has claimed a turnout of 10 lakh people, be postponed until November 10, after Bhai Dooj, or shifted to an alternative venue away from commercial areas.

CTI chairman Brijesh Goyal said a copy of the letter had also been sent to Congress president Mallikarjun Kharge, urging him to discuss the matter with alliance partners.

Mr. Goyal said traders were worried about possible barricading and road closures on October 31 and November 1 and whether customers would be able to reach shops during the crucial festive shopping period.

According to the CTI, a gathering of 10 lakh people could bring 15,000 to 20,000 vehicles into Delhi, including 10,000 to 12,000 buses and 5,000 to 7,000 smaller vehicles such as cars, minibuses and tempo travellers.

The traders' body questioned where these vehicles would be parked, claiming that there was no authorised parking facility for even 200 vehicles in the immediate vicinity of Ramlila Maidan.

The 21 markets identified by the CTI as potentially affected include Chandni Chowk, Bhagirath Palace, Khari Baoli, Sadar Bazaar, Chawri Bazaar, Kashmere Gate, Nabi Karim, Karol Bagh, Ajmeri Gate, Daryaganj, Nai Sarak, Kinari Bazaar, Dariba Kalan, Fatehpuri, Lahori Gate, Filmistan, Paharganj, Gaffar Market, Jama Masjid, Lajpat Rai Market and Naya Bazaar.

The CTI said the narrow lanes of Old Delhi, many of which are only 10 to 12 feet wide, could face severe congestion if vehicles entered the area, with a single truck getting stuck potentially causing traffic jams lasting several hours.

Citing an event at Jantar Mantar on October 10, the organisation claimed that a gathering of around 3,000 to 4,000 people had disrupted movement across central Delhi and caused traders losses of ₹3,000 crore.

It projected that the November 1 rally could bring commercial activity across Old Delhi to a standstill, resulting in losses of up to ₹10,000 crore.

The CTI has suggested that if the rally cannot be postponed, it should be shifted to Burari Ground or Jawaharlal Nehru Stadium to minimise the impact on businesses.

Rahul Gandhi / Delhi / New Delhi / Indian National Congress

  • delhi
  • november
  • rally
  • impact
  • congress
  • postponement
  • trader
  • market

Summaries and tags are generated automatically. Stay informed with VidiaNews.

Related news

TenTrade brings financial market experts together to promote trading education in Lagos
business

TenTrade brings financial market experts together to promote trading education in Lagos

Speaking at the event, Wilfred Obasi, Regional Director for Africa at TenTrade, identified impatience and the desire to make quick money as major challenges confronting young traders. Also speaking, Ademola Adeagbo, Head of Education at TenTrade Africa, urged traders to prioritise risk management, discipline and trading psychology to achieve consistency in the financial markets.

Read →
Daily Insight for CEOs series: November 9–13
business

Daily Insight for CEOs series: November 9–13

This week, we examine the theme: WEEK 2 THEME: FINANCIAL PERFORMANCE, CASH FLOW & BUSINESS SUSTAINABILITY Monday, November 9: The CEO’s Responsibility for Financial Performance Strengthen leadership attention to financial results, profitability, cash flow, and financial sustainability. Ernest De-Graft Egyir, CEO advisor, Thought Leader, and Founding CEO of Chief Executives Network Ghana, convenes the Ghana CEO Summit and served on Ghana’s Economic Dialogue Planning Committee.

Read →
Oil falls as Trump downplays prospect of escalation with Iran
business

Oil falls as Trump downplays prospect of escalation with Iran

Trump, in a Reuters interview and a later appearance in the White House press briefing room, said he plans to maintain a naval blockade in the Strait of Hormuz for now. Brent has retreated about 22% from the six-month high of $118 it touched on October 30 as fears that Trump might step up attacks on Iran following the US midterms have eased; however, shipping disruptions remain a concern.

Read →
Singapore to launch gold vault service for foreign central banks
business

Singapore to launch gold vault service for foreign central banks

“Developing our gold market is an extension of Singapore’s role as a trusted financial centre,” said Deputy Prime Minister Gan Kim Yong, who is ​also Singapore’s minister for trade and industry and chairman of MAS Because these were confidential, I won’t be able to share details of which ​particular central banks have approached us,” he added MAS and the Ministry of Finance will ​also seek to introduce a new tax framework from April next year, extending tax relief for ‌gold ⁠to wholesale services between institutional participants, such as vaulting, refining, recasting, assaying and broking…

Read →