GDP growth slowing to 4-year low of 6.5% in 2017-18

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.

Ayodhya, Feb 18: A senior Supreme Court lawyer has written to the Ram temple trust on behalf of a group of Muslims in Ayodhya, asking that five acres of land around the demolished Babri Masjid where a graveyard is situated be spared for the sake of 'sanatan dharma'.

The letter, written by advocate M R Shamshad, is addressed to all 10 trustees of Shri Ram Janmabhoomi Teertha Kshetra.

Shamshad said according to Muslims, there is a graveyard known as 'Ganj Shahidan' around the demolished Babri Masjid where 75 Muslims who lost their lives in the 1885 riots in Ayodhya were buried.

"There is a mention of this in Faizabad Gazetteer also," he said.

"The central government has not considered the issue not using the grave-yard of Muslims for constructing the grand temple of Lord Ram. It has violated 'dharma'," the letter stated.

"In view of religious scriptures of 'sanatan dharma', you need to consider whether the temple of Lord Ram can have foundation on the graves of Muslims? This is a decision that the management of the trust has to take," it said.

"With all humility and respect to Lord Ram, I request you, not to use the land of about four to five acres in which the graves of Muslims are there around the demolished mosque," the letter added.

New Delhi, Mar 10: A military transport aircraft of the Indian Air Force (IAF) brought back 58 Indians from coronavirus-hit Iran on Tuesday, official said.

The aircraft, a C-17 Globemaster, was sent to Tehran on Monday evening.

About 2,000 Indians are living in Iran, a country that has witnessed increasing numbers of coronavirus cases in the last few days.

"The IAF aircraft has landed. Mission completed. On to the next," External Affairs Minister S Jaishankar tweeted.

In an earlier tweet, he said, "First batch of 58 Indian pilgrims being brought back from Iran. IAF C-17 taken off from Tehran and expected to land soon in Hindon."

"Thanks to the efforts of our Embassy @India_in_Iran and Indian medical team there, operating under challenging conditions. Thank you @IAF_MCC. Appreciate cooperation of Iranian authorities. We are working on the return of other Indians stranded there (sic)," Jaishankar added.

The aircraft landed at Hindon airbase in Ghaziabad, from where the passengers were take to a medical facility.

According to latest reports, 237 people have died of novel coronavirus in Iran while the number of positive cases stands at around 7,000.

It is the second such evacuation by the C-17 Globemaster in the last two weeks.

On February 27, 76 Indians and 36 foreign nationals were brought back from the Chinese city of Wuhan by the aircraft of the Indian Air Force.

The C-17 Globemaster is the largest military aircraft in the IAF's inventory. The plane can carry large combat equipment, troops and humanitarian aid across long distances in all weather conditions.

Four days ago, a Mahan airline plane brought swab samples of 300 Indians from Iran to India.