CII and RAI request stimulus package for retailers
The Confederation of Indian Industry and the Retailers Association of India among other organisations have asked the government to provide retailers with a stimulus package to help mitigate the financial effects of the pandemic.
Retail businesses, especially those in sectors marked as ‘non-essential’ such as fashion, are struggling to keep business going during the second wave of Covid-19. Trade bodies are therefore calling for immediate financial support for the retail sector. The RAI asked the government to pay PF contributions of both employers and employees at 12% each until September 2021 for all employees earning less than Rs 15,000 ($207.30) a month, TNN reported.
The RAI is also seeking relief on property tax and electricity charges for retailers, many of whose shops have been shut with zero income for months, and has asked for an extension of existing permits and licenses for a year. The CII also asked for fiscal stimulus for small businesses to aid them during this time.
“Like last year we seek waiver of penal interest on loans, Merchandise Exports from India Scheme payments for 2019-20 and April to December, 2020,” said Engineering Exports Promotion Council chairman Mahesh Desai, TNN reported. “We also seek enhancement of working capital limits.”
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