Malls Seek Government Assistance
Mall developers and shopping centre owners have sought immediate relief from the government and financial institutions ax the organised retail industry has suffered losses of over Rs 90,000 crore The assistance demanded includes an extended moratorium on loans, access to short-term financing, a one-time loan restructuring and flexibility in depositing GST to help tide over the Covid-19 crisis. The Shopping Centres Association of India (SCAI) has said that the organised retail industry is in distress and has not earned anything since the lockdown. While the extension of the loan moratorium talks about some relief on repayment but won’t help the industry in liquidity. A long-term beneficial plan from the government is much required to revive the second biggest contributor to our country’s GDP. Mall owners are requesting financial institutions to consider extending penalty free moratorium period till March 31, 2021 and also allow an one-time loan restructuring for shopping centres.
Tags : News/Views Latest News Developers GST Malls retail industry Government lockdown liquidity moratorium on loans Covid-19 crisis Shopping Centres Association of India financial institutions penalty free moratorium