A devastating fire broke out at the Bagri market, one of the largest and oldest wholesale markets of Eastern India, in the early hours on Sunday.

Located in the heart of the trading hub of Burrabazaar in Kolkata’s central business district, Bagri market is housed in a 100-year-old six-storey building. The market is popular centre of shopping for items of daily use.

Losses due to the fire are expected to be ₹20-25 crore, sources said.

Restrictions on daily trade around the affected areas are likey to be imposed. This will lead to a further loss of ₹3-4 crore a day, if not more, a section of traders said.

Burrabazaar conducts business worth of ₹100 crore a day with transactions mostly in cash or word-of-mouth credit.

“We are yet to determine the exact loss. But at any given point of time goods worth ₹10-20 crore are stocked at Bagri market.,” Mahesh Singhania, Chairman, Federation of West Bengal Trade Associations — an umbrella organisation of various traders association, including the Bagri market traders’ association — said.

There are at least 1,000 shops — registered and unregistered — in the market, and an equal number in the adjacent areas to the Canning Street are also affected. But official estimates are yet to come in.

Nearly 5,000 people are employed either directly or indirectly in the market.

“Businesses here stock goods which are taken on credit. The fire is expected to cause huge financial losses. With Puja shopping setting in, shopkeepers were anticipating higher demand and were stocking more accordingly,” Singhania said.

There have, however, been no reports of any casualty, according to Chief Minister, Mamata Banerjee.

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