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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.

Mar 11: In a bid to keep its flock together, the crisis-hit Madhya Pradesh Congress has decided to shift its 92 MLAs either to Jaipur or some other place.

The move comes after 22 Congress MLAs loyal to former Union minister Jyotiraditya Scindia resigned on Tuesday, pushing the 15-month-old Kamal Nath government to the brink of collapse.

"We are going to take our 92 MLAs and those supporting our Madhya Pradesh government to a hotel," a senior Congress leader said on Wednesday.

The legislators would be taken either to Jaipur or some other Congress-ruled state like Chhattisgarh, a party source said.

Apart from its own MLAs, the Congress is also keeping a close watch on four Independents who are supporting the party-led state government.

On Tuesday, 22 Congress MLAs from Madhya Pradesh resigned soon after Scindia quit the party.

The development reduced the Congress government in the state to minority.

The state Congress unit is now making all efforts to save the Kamal Nath-led government.

The BJP on Tuesday night shifted its MLAs to Manesar at Gurugram in Haryana, sources in the saffron party said.

The Congress, whose tally before the rebellion was 114, has a wafer-thin majority in the Madhya Pradesh Assembly whose current effective strength is 228.

It also has the support of four Independents, two BSP legislators and one SP MLA, but some of them are now likely to switch sides to the BJP.

The BJP has 107 seats in the state Assembly.

May 7: Accusing the BJP government in Karnataka of "medieval barbarism" and treating migrants as worse than "bonded labourers", CPI(M) general secretary Sitaram Yechury on Wednesday hit out at the state's decision to stop workers from returning to their homes in different parts of the country citing requirements of the construction sector.

The Karnataka government has withdrawn its request to the railways to run special trains to ferry migrant labourers to their home states, hours after builders met Chief Minister B S Yediyurappa to apprise him of the problems the construction sector will face in case they left.

"This is worse than treating them as bonded labour. Does the Indian constitution exist? Are there any laws in the country? This BJP state government is throwing us back to medieval barbarism. This will be stoutly resisted,” Yechury said in a tweet.

The railways is running Shramik Special trains to ferry to their home towns migrants who were stranded at their places of work during the lockdown.

So far, it has run more than 115 such trains.

The Principal Secretary in the Revenue Department N Manjunatha Prasad, who is the nodal officer for migrants, had requested the South Western Railways on Tuesday to run two train services a day for five days except Wednesday, while the state government wanted services thrice a day to Danapur in Bihar. However, later, Prasad wrote another letter within a few hours that the special trains were not required. Several migrants in the city were desperate to return home as they were out of jobs and money.

Yechury also lashed out at the central government over reports that it owed states and industry Rs 3 trillion and accused the centre of shifting the burden of fighting the pandemic to the state governments.

“While shifting the entire burden of fighting the pandemic on to the State governments, Modi government is not even paying their legitimate dues. After November 2019, Centre has not paid the GST compensation dues for the rest of the financial year, i.e., March 2020.

“Modi government has the right to loot while crores of people & States are left with nothing but the right to starve?,” he tweeted.