Delhi court issues fresh death warrants, Nirbhaya convicts to be hanged on March 3

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 3: Union Health and Family Welfare Minister Dr Harsh Vardhan on Sunday said that India's COVID-19 mortality rate of 3.2 per cent is the lowest in the world and over 10,000 coronavirus patients have been discharged from hospitals after recovering from the disease so far.

"Today more than 10,000 COVID-19 patients have been discharged. Those still admitted at hospitals are on the road to recovery. If in last 14 days doubling rate was 10.5 days, then today it is around 12 days," the Minister told ANI after visiting Lady Hardinge Hospital.

"Our mortality rate of 3.2 per cent is the lowest in the world," he said.

With 2,644 more COVID-19 cases and 83 deaths in the last 24 hours, the number of people infected from coronavirus in the country has reached 39,980 including 1,301 deaths, said the Union Ministry of Health and Family Welfare on Sunday.

Currently, there are 28,046 active cases while 10,633 COVID-19 positive patients have been cured/discharged.