Prez has given consent to Delhi LG's move to invite BJP:Centre

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, Jan 4: "Sovereign, socialist, secular, democratic republic" is how India is referred to in the preamble of the Constitution. However, J Nandakumar, a key RSS leader and All India Convenor Prajna Pravah, a Sangh offshoot, wants India to reconsider the inclusion of the word "secular", claiming secularism is a "western, Semitic concept".

In an exclusive interview to news agency, Nandakumar said: "Secularism is a western, Semitic concept. It came into existence in the West. It was actually against Papal dominance."

He argued that India does not need a secular ethos as the nation has moved "way beyond secularism" since it believes in universal acceptance as against the western concept of tolerance.

The RSS functionary on Thursday released a book here named "Hindutva in the changing times". The book launch event was also attended by senior RSS functionary Krishna Gopal.

Nandakumar, who has attacked the Mamata Banerjee government in his book for alleged "Islamisation of West Bengal", told IANS: "We have to see whether we need to put up a board of being secular, or that whether we should prove this through our behaviour, actions and roles."

It is for society to take a call on this, rather than by any political class, on whether the preamble to the Indian Constitution should continue to have the word "secular" in it or not, he added.

In between signing his books and obliging wannabe Hindutva cadres with selfies, Nandakumar said that the very existence of the word "secular" in the preamble was not necessary and how the constitution founders too were against it.

"Baba Saheb Ambedkar, Ladi Krishnaswamy Aiyaar -- all debated against it and said it (secular) wasn't necessary to be included in the preamble. That time it was demanded, discussed and decided not to include it," he said.

Ambedkar's opinion was, however, disregarded when Indira Gandhi "bulldozed" the word "secular", in 1976, said the head of the Prajna Pravah, an umbrella body of several right-wing think-tanks

As Nandakumar prepared to return to his base in Kerala, where, he emphasises, the RSS has its work cut out in the "fight against the Kunnor model", he said that the inclusion of "secular" was done with the intent to damage the concept of Hindutva.

"It was to demolish, destroy the overarching principle of Hindutva that binds us together", he said.

Asked whether the Sangh would pressurise the BJP, which has 303 seats in the Lok Sabha, to omit "secular" from the Constitution preamble, Nandakumar smilingly refused to reply.