Fresh investments in restaurants have completely halted in the space, said Anurag Katriar, trustee of the National Restaurant Association of India (NRAI), on Monday, adding that 30 percent of restaurants shut down completely in the first and second waves of COVID-19.

Speaking in an interview to CNBC-TV18, he said that about 2.5 million people have lost their jobs during the first two waves of the pandemic.

Talking about numbers, Katriar said that the sector has seen a 50-60 percent drop in business since Christmas this year versus 2020.

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He said, “It’s a significant blow to us especially this time it came in towards the end of December, which is one of the best periods for business in restaurants.”

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For the entire interview, watch the video