Amid loss of business due to the closure caused by the spread of coronavirus, Retailers Association of India (RAI) has asked the government for financial “relief”. They want a 90-day grace period for filing income tax, GST and provident funds and a 120 moratorium period for repaying the bank loans.
Future Group, Reliance Retail, and Shoppers Stop are the large modern retailers of India. They have also asked the government to provide a job subsidy of 50% minimum wage of the retail employees for the month of April-June. The retailers said they will bear the rest themselves.
The group representing more than 5,000 retailers said, “Currently, the retail industry is under lock-down. With no revenue flow the impact is significant to all retailers small or big.” RAI said it has sent letters to the Prime Minister’s Office and the finance industry, “The entire consumption value chain will feel the impact of store closures. There is an urgent need for immediate economic stimulus to ensure continuity of retail stores and consumption in India.”
Various states have ordered closure of malls to contain the deadly coronavirus that has affected more than 2,00,000 people worldwide.
