Capital Calls: Reliance spotlights a troubled consumer

from Reliance Industries are any indication. Foot traffic at the conglomerate’s grocery, fashion and electronics stores recovered to 88% of pre-pandemic levels in the three months to March. In April, it nosedived to as little as 35%, below activity levels seen during the first wave. Retail revenue for India’s biggest company shrank 5% from a year earlier, to roughly $19 billion.. Indians also know they are unlikely to get government handouts to cushion their spending.

About 80% of the workforce is in the informal sector, where real wages may have contracted as much as 30% in 2020, Ambit Capital’s Sumit Shekar reckons. The influential Confederation of Indian Industry trade group on Sunday called for “the strongest national steps” to curtail economic activity to save lives. It could take time for demand to store up again, and even then shopping may be restrained.

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