G-20 Summit Costs Delhi Traders $120 Million in Revenue

The Group of 20 summit may have ended in success for the Indian government, but businesses in the capital city lost around 10 billion rupees ($120 million) in revenues amid the three-day partial shutdown.

(Bloomberg) — The Group of 20 summit may have ended in success for the Indian government, but businesses in the capital city lost around 10 billion rupees ($120 million) in revenues amid the three-day partial shutdown.

New Delhi’s streets wore an empty look and came to a near standstill as authorities ordered schools, banks, private businesses and government departments to remain shut. Borders to neighboring states were also sealed as the world’s most powerful leaders descended in the city for the event.

Footfalls in several markets was just around a tenth of most days due to tight security arrangements, said Brijesh Goyal, chairman of the Chamber of Trade and Industry. Nearly 400,000 buyers visit the capital daily from the adjoining cities, but customers remained largely absent, he said.

Several shops were open only for half a day, Goyal said. Local reports suggested that the long weekend triggered a travel rush prompting citizens to travel out of the city.

Amid heightened traffic restrictions, foreign tourists stayed away from key areas. Khan market, a popular shopping destination among foreigners in Delhi, remained shut due to its proximity to the summit venue. That led to a loss of about $1.2 million, according to Sanjeev Mehra, president of the Khan Market Traders Association.

Ahead of the summit, Prime Minister Narendra Modi apologized to Delhi’s residents for the inconvenience that the summit would cause.

More stories like this are available on bloomberg.com