May 14, 2021 3:05:55 am
Hit by the Covid pandemic and lockdown in states, the retail industry has sought the intervention of the Ministry of Finance and the Reserve Bank of India for liquidity support, moratorium, interest subvention and working capital to stay afloat.
As lockdown in states drag on, it is getting increasingly difficult for retailers to retain employees and to keep their businesses afloat, industry body Retailers Association of India said. Retailers need to pay salaries, minimum electricity, rentals and property taxes even if the businesses are shut due to lockdown. The cash inflow of the industry has come to a standstill, while the fixed operating costs remains intact, it said.
The Retailers Association of India has sought extension of emergency credit line guarantee scheme (ECLGS) to the retail sector.
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