Pregnant Jamia student Safoora Zargar finally gets bail

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 15: The World Bank on Friday approved $1 billion 'Accelerating India's COVID-19 Social Protection Response Program' to support the country's efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.

This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

A $1 billion support was announced last month to support India's health sector.

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

These measures, intended to contain the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world's largest lockdown has not been an exception to this trend, he said.

Of the $1 billion commitment, $550 million will be financed by a credit from the International Development Association (IDA) – the World Bank's concessionary lending arm and $200 million will be a loan from the International Bank for Reconstruction and Development (IBRD), with a final maturity of 18.5 years including a grace period of five years.

The remaining USD 250 million will be made available after June 30, 2020.

May 30: A total of 513 domestic flights carrying 39,969 passengers were operated in India on Friday, Civil Aviation Minister Hardeep Singh Puri said on Saturday.

Domestic services resumed in India after a gap of two months due to the coronavirus lockdown. Indian carriers have operated a total of 1,827 flights till Thursday -- 428 on Monday, 445 on Tuesday, 460 on Wednesday and 494 on Thursday.

Puri said on Twitter on Saturday: "Day 5. 29th May till 2359 hrs. Departures 513. 39,969 passengers handled. Arrivals 512. 39,972 passengers handled." A departure is counted as a flight during the day.

During the pre-lockdown period, Indian airports handled around 3,000 daily domestic flights, aviation industry sources said.

In February, when the lockdown was not imposed, around 4.12 lakh passengers travelled daily through domestic flights in India, according to Directorate General of Civil Aviation (DGCA) data.

Airports in West Bengal, Andhra Pradesh, Maharashtra, Telangana and Tamil Nadu have been allowed to handle a restricted number of daily flights as these states do not want a huge influx of flyers amid the rising number of COVID-19 cases.

While domestic services resumed in Andhra Pradesh on Tuesday, they restarted in West Bengal on Thursday.

Though domestic flight operations across the country began on May 25, they could not be restarted in Kolkata and Bagdogra as the West Bengal machinery was involved in relief and restoration work after cyclone Amphan's devastation.

A total of 16 asymptomatic passengers on seven different flights, including 13 who travelled by IndiGo, have tested positive for COVID-19 since the resumption of domestic air services.