Video of BJP minister peeing on roadside goes viral

The Retailers Association of India (RAI) has said that ad hoc lockdowns by state governments are impacting the businesses of already-stressed retailers, along with hurting the economic revival of the country.

In a statement, the body of the organised retail industry said that the long road to recovery for the Indian retail industry continues to meet stumbling blocks with numerous restrictions being imposed at the state and local levels.

"Total lockdowns in some places and limited operational hours and days in several others are creating setbacks for retailers as the already stressed retail businesses are getting further interrupted and in turn, dampening consumer sentiment," it said.

According to RAI, although the intentions are that of citizen safety and social distancing, the recent instances of local lockdowns and ad hoc restrictions being imposed in Uttar Pradesh, Maharashtra, Andhra Pradesh and Karnataka are having a distressing impact on retail businesses.

Retailers are already facing huge setbacks in terms of payment of wages and rentals due to very low sales of about 40 per cent as compared to last year, thanks to the extended lockdown, it said.

Contesting the restrictions on operating hours, Sandeep Kataria, CEO, Bata India said: "Restricted shopping time can lead to unnecessary overcrowding of stores, which is unfavourable towards the personal safety of both store staff and customers. Longer operational hours will support recovery for retailers as well as help adhering to social distancing norms."

Arvind Mediratta, MD and CEO, METRO Cash & Carry India said that these lockdowns will create severe inconvenience for all citizens as they also bar operations of food and grocery retail and wholesale stores.

Such hastily-implemented decisions by states undermine investor confidence and would come in the way of making the country "aatmanirbhar" or self-reliant, he said.

Voicing the concerns of retailers, the RAI has submitted representations to various state and local authorities that puts forth recommendations to get businesses and life of consumers on the track to recovery.

It has said that authorities should mandatorily allow essential shops including kiranas, general trade shops, supermarkets, hypermarkets and wholesalers to operate every day of the week until 9 p.m. to cater to the daily needs of the customers.

It has also sought ensuring uniform and regular opening of all categories of retail for full working hours while following stringent hygiene practices and adhering to social distancing norms. This will help avoid overcrowding outside stores as demand will get distributed over all days of the week, it said.

The industry body has also asked the local authorities to open malls in all states. Malls can ensure a safe shopping experience wherein safety measures are taken by both, the mall authorities and the retailers, it said.

Kumar Rajagopalan, CEO, RAI, said: "The need of the hour is concerted efforts by all stakeholders. While retailers are doing their bit by following stringent hygiene practices, the policymakers too need to support to ensure economic revival across the country. Consumption is important for the country and supports the business environment."

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

Visakhapatnam, May 7: Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy on Thursday announced an ex- gratia payment of Rs one crore each to the kin of those killed in the styrene gas leak incident at LG Polymers Limited near here.

The NDRF had put the death toll from the leak at 11.

The chief minister announced a committee to probe into the mishap and also said the government would talk to the LG Polymers management seeking job for the kin of the deceased in any of its businesses.

Speaking to reporters after conducting a review meeting, Reddy also announced Rs 10 lakh each to those undergoing treatment on ventilator support and Rs 25,000 to those who took treatment as out-patients after developing health complications due to inhalation of the styrene vapour.

Earlier, he held a review meeting at the Andhra Medical College with District Collector Vinay Chand and others.

The gas leak victims undergoing treatment in various hospitals would be paid Rs one lakh each. The 15,000-odd population in the five villages that were affected by the gas leak would be paid Rs 10,000 each, the chief minister added.

Reddy further announced constitution of a high-level committee, headed by the Special Chief Secretary (Environment and Forests), to probe into the mishap and make recommendations to prevent such tragedies in the future.

Earlier, he visited the King George Hospital and consoled the victims of the gas leak.

Accompanied by his Deputy holding the health portfolio A K K Srinivas and Chief Secretary Nilam Sawhney, Reddy flew down to the port city and went straight to the KGH.

He met the gas leak victims undergoing treatment and enquired about their well-being.

At the review meeting, the Collector informed the Chief Minister that the gas spread was limited to a 1.5 to 2 km area from the epicentre of the leak and that the locals were evacuated to safety.

Of the two styrene tanks in the plant, the leak occurred from one that was holding about 1,800 kilo litres of the chemical.