Delhi markets shut for G20: Traders brace for ₹450 cr loss

The bustling streets of Connaught Place, a commercial hub in the heart of New Delhi, are set to fall silent as the government prepares to shut down the area for three days during the upcoming G20 Summit from September 8 to 10. This decision, aimed at ensuring security for the international event, has left local traders estimating a substantial financial loss ranging from ₹350 crore to ₹450 crore.

The government had recently invested over ₹3 crore in the renovation of Connaught Place, making it more appealing to shoppers and tourists. However, this significant investment is now at risk of yielding no returns during the summit.

Atul Bhargava, President of the New Delhi Traders Association, states to Money Control that the closure of Connaught Place during a weekend is likely to result in substantial losses. Typically, the market witnesses a daily turnover of approximately ₹100 crore to ₹150 crore. However, with no foot traffic expected during the summit, traders anticipate cumulative losses in the range of ₹350 crore to ₹450 crore.

Bhargava highlighted the irony that the market, which had been revamped in anticipation of the G20 Summit, would remain closed due to the very same event. On regular weekends, Connaught Place attracts an impressive 1 lakh to 1.5 lakh visitors.

In addition to Connaught Place, other prominent markets in the New Delhi district, such as Bengali Market and Khan Market, will also be closed during the summit. Traders in these areas anticipate a similar negative impact on their businesses.

The 18th G20 Summit, taking place at Pragati Maidan in New Delhi, will see the participation of over 25 world leaders and their delegates. To ensure security, all entry and exit points around the summit venue, the newly-constructed Bharat Mandapam convention center, will be tightly regulated. As a result, all establishments, including schools, offices, restaurants, malls, and markets, will remain closed in New Delhi from September 8 to 10, causing significant economic disruption to the city's businesses.