People getting married shows economy is fine: Union minister

The Shopping Centres Association of India (SCAI) on Monday said the sector has lost over Rs 90,000 crore in the last two months, owing to the lockdown, and market players need much more than the repo rate cut and the loan moratorium extended by the RBI.

In a statement, the industry body said that the Reserve Bank of India's (RBI) relief measures are not adequate to support the liquidity needs of the industry.

According to the SCAI, there is a common misconception that the shopping centres' industry is centred around metros and large cities with investments only from large developers, private equity players and foreign investors.

"However, the fact is that most malls are part of the SMEs or standalone developers. i.e. more than 550 are single owned by standalone developers out of the 650-odd organised shopping centres across the country and there are 1,000+ small centres in smaller cities," it said.

Amitabh Taneja, Chairman of SCAI said: "The organised retail industry is in distress and has not earned anything since the lockdown and their survival is at stake. While the extension of the loan moratorium talks about some relief on repayment but won't help the industry in liquidity."

He said that a long term beneficial plan from the government is much required to revive the sector.

"Being the most safe, accountable, and controlled environment, unfortunately, malls have not been permitted to open which will lead to job losses and might even shut shops for a lot of mall developers," Taneja said.

In its representations to the Centre and the Reserve Bank of India, the association has also pointed out that, in absence of financial package and stimulus from the RBI, over 500 shopping centres may go bankrupt, that may lead to the banking industry staring at NPAs of Rs 25,000 crore.

The industry body has put forward its recommendations and requests to the government. It had sought moratorium till March 2021 at the least in terms of repayment of bank loans, interest, EMI and so on, without levy of any penalties or penal interest.

It has also sought a one-time loan restructuring with lower rates of interest, permitted for shopping centres and a facilitative and forward-looking support provision of short-term financing options for a period of six to 12 months, at lower interest rates, to meet the increased working capital requirements.

Among other relaxations, it had also appealed for GST rebates to offset the losses on account of and for the period of closure of business.

It also said that interest rates should be brought down to "manageable levels" of 5-6% in view of the precarious financial situation.

New Delhi, May 31: A low pressure area formed over Arabian sea and Lakshadweep is likely to intensify further into a cyclonic storm and reach coastal states of Maharashtra and Gujarat next week, the Indian Meteorological Department (IMD) said on Sunday.

Sunitha Devi, in charge of cyclones at IMD, said, "A low pressure area has formed over southeast and adjoining east central Arabian sea and Lakshadweep area. It is very likely to concentrate into a depression during the next 24 hours and intensify further into a cyclonic storm during subsequent 24 hours."

She added, "It is likely to move nearly northwards and reach near north Maharashtra and Gujarat coasts by 3rd June."

A low pressure area and a depression are the first two levels on the IMD's eight-category scale used to classify cyclones based on their intensity.

The weather bureau said that the sea condition will be very rough and advised fishermen not to venture into the sea till June 4.

It has forecast heavy to very heavy rainfall over south coastal Maharashtra for June 2-4, on north coast on June 2-3 and in Gujarat, Daman and Diu and Dadar and Nagar Haveli on June 3-5.

IMD said that under the influence of likely formation of a low pressure system over Arabian Sea, conditions will become favourable from June 1 for onset of monsoon over Kerala.

The arrival date for monsoon in Kerala is around June 1 every year and in Maharashtra around June 10.

On Saturday, a private forecasting agency claimed that monsoon has already hit Kerala, but the assertions were quickly rebutted by the Ministry of Earth Sciences.

"The news about monsoon onset over Kerala in Social Media is not correct. Monsoon has not arrived over Kerala. The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge a"Stephen Hawking," saidAMadhavan Rajeevan, Secretary, Ministry of Earth Sciences.

Kuldeep Srivastava, the head of IMD's Regional Weather Forecasting Centre said that the formation of a low pressure system in Arabian sea and its movement towards Gujarat coast will bring moisture to Delhi-NCR and North West India from June 3.

Two storms are forming over the Arabian Sea, one lies off the African coast and is likely to move over Oman and Yemen, while the other is placed close to India.

The development comes almost ten days after 'Amphan' pummeled four districts of Bengal in the fiercest cyclone in the region in a century, that left 86 people dead and rendered ten million people homeless.

Feb 4: Amid the agitations against Citizenship Amendment Act, National register of Citizens and National Population Registration across the country, Prime Minister Narendra Modi on Monday said that there is a "political design" behind all these protests including in Delhi's Jamia and Shaheen Bagh to ruin the harmony of the nation.

"Be it Seelampur, Jamia or Shaheen Bagh, protests held over the past several days regarding the Citizenship Amendment Bill. Is this just a coincidence? No. This is an experiment," said Prime Minister Narendra Modi in his first election rally for Delhi polls at Karkardooma.

"There is a political design behind all these protests including Jamia and Shaheen Bagh. These protests are a conspiracy to divide India. These protests are going to ruin the harmony of the nation," he asserted.

Lambasting the opposition parties including Congress and Aam Aadmi Party for supporting the ongoing protests, he said: "But AAP and Congress are provoking people. Constitution and tricolor are being kept in front and attention is being diverted from the real conspiracy."

"These people were doubting the ability of our forces during surgical strikes. Do citizens of Delhi want such people in power? These people are saving those who want to break India into pieces," he added.

People have been protesting at Jamia and Shaheen Bagh against CAA, NRC and NPR. Members of the Opposition have deemed CAA "discriminatory and anti-Constitution" while the Centre has maintained that the new law has no effect on Indian citizens.

Recently, two firing incidents took place near Jamia Millia Islamia University.On Sunday night, the firing incident was reported near gate number five at the university following which people including some students of the varsity gathered outside the Jamia Nagar police station. They returned from the Jamia Nagar police station after their complaint was registered.

Earlier, a student sustained injuries after a young man fired at the protestors near Jamia.