RAI appeals to the Ministry of Finance and DPIIT to save the Retail industry in India under ECLGS 3.0
RAI appeals to the Ministry of Finance and DPIIT to save the Retail industry in India under ECLGS 3.0
May 2, 2021
RAI has appealed to MoF and DPIIT to include corporate retail outlets under ECLGS 3.0. In its representation, RAI has stated that, since the ECLGS 3.0 has been announced for the very stressed sectors like Hospitality, which have been completely locked down during second wave of COVID 19, RAI requested that the same be extended to corporate retail sector also. Since the ECLGS 3.0 scheme allows for additional limits up to 40% and has a higher cap of borrowing, affected retailers would be able to avail of this additional credit line during this crisis. This, other-wise sound sector, needs the support to tide over this second phase of Covid-19. This would enable the corporate retail sector to access much needed funds and credit. The enhanced limits is the need of the hour and we hope that you would help by including corporate retail under 3.0.