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Delhi Traders Lose $120 Million in Revenue During G-20 Summit

The recent Group of 20 (G-20) summit in Delhi may have been a success for the Indian government, but it came at a significant cost to local businesses in the capital city. Over the three-day summit, Delhi’s businesses reportedly lost approximately 10 billion rupees ($120 million) in revenue due to a partial shutdown of the city.

As the world’s most powerful leaders gathered for the event, New Delhi’s streets were largely empty, and daily life came to a near standstill. Authorities had ordered the closure of schools, banks, private businesses, and government offices, and even sealed the borders to neighboring states as part of heightened security measures.

Brijesh Goyal, the chairman of the Chamber of Trade and Industry, noted that foot traffic in several markets was only about a tenth of normal levels during the summit. While nearly 400,000 buyers usually visit the capital daily from nearby cities, many customers stayed away due to the security arrangements and road closures.

Some shops in the city were only open for half a day during the summit. Reports also indicated that the long weekend prompted many residents to leave the city, causing a significant drop in local activity. Additionally, foreign tourists avoided key areas of Delhi due to heightened traffic restrictions.

One notable impact was seen in Khan Market, a popular shopping destination for foreigners in Delhi, which remained closed due to its proximity to the summit venue. According to Sanjeev Mehra, president of the Khan Market Traders Association, this closure alone resulted in a loss of about $1.2 million.

In anticipation of the G-20 summit, Prime Minister Narendra Modi issued an apology to Delhi’s residents for any inconvenience caused by the event.