9-Point Agenda For Survival Shared By Retail Industry After Massive Decline In Sales
- ByStartupStory | June 15, 2021
9-point agenda for survival shared by retail industry, after a survey shows a decline of 79 percent in May 2021 as compared with May 2019, following the closure of retail businesses across the country due to the pandemic. As per the 16th edition of the ‘Retail Business Survey’ by the Retailers Association of India (RAI) released today, categories such as food and grocery fared better in sales with a 34 percent decline in sales compared with categories like footwear (minus 86 percent), beauty, wellness and personal care (minus 87 percent), and sports goods (minus 80 percent) as compared to pre-COVID sales levels of May 2019.
RAI, working for the growth of the modern retail industry in India, introduced 9-point agenda for survival shared by retail industry;
- Extend renewals of existing permits, licences, NOCs, and permissions, including shops and establishments licences, trade licences, food licences, fire NOCs, and signage licences etc. required for running of malls, shopping centres, retail stores, and restaurants and pubs for a period of one year.
- Relax compliance requirements of retailers to pay MSME suppliers in 45 days’ time till March 2022.
- The central government to pay PF contribution of both employer and employee (12 percent each) till September 2021 for all employees earning less than Rs 15,000 per month.
- Hundred percent relief to landlords and malls in payment of property tax for the year 2021-22.
- Mandate electric distribution companies to waive minimum demand charge for the period April 2021 to June 2021.
- Extend the benefits of ECLGS 3.0 to retail companies.
- Announce a moratorium on principal and interest for six months.
- Mandate banks to give ad-hoc working capital loans of 30 percent more than current limits so that critical payments like salaries and wages can be made.
- Provide interest subvention to reduce the burden of interest.
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