: Sunday, May 16, 2021, 8:19 PM IST
Indian hotel industry takes over Rs 1.30 lakh cr revenue hit in FY21, seeks govt support: FHRAI
The apex industry body said it has submitted representation to the Prime Minister and a few other union ministers urging immediate support from the government to save the hospitality sector from imminent collapse and has requested for several fiscal measures for this.
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The Indian hotel industry has taken a hit of over Rs 1.30 lakh crore in revenue for the fiscal year 2020-21 due to the impact of the COVID-19 pandemic, the Federation of Hotel & Restaurant Associations of India (FHRAI) said on Sunday.
The industry body has asked the government to standardise and align the tenure and the moratorium facilities floated under ECLGS 1.0, 2.0 and 3.0, FHRAI said in a statement. FHRAI has also asked that the tenure of loan and moratorium facilities granted under the ECLGS 3.0 should be extended to loans already sanctioned under the earlier emergency credit line guarantee schemes with retrospective effect, it added.
Hospitality sector body urges govt for special credit guarantee window under ECLGS
In the representation, the Federation of Hotel and Restaurant Associations of India (FHRAI) has asked the government to standardise and align the tenure and moratorium facilities floated under ECLGS 1.0, 2.0 and 3.0
PTI | May 2, 2021 | Updated 16:59 IST
ECLGS was launched by the Government of India as a special scheme in view of COVID-19 crisis
The Federation of Hotel and Restaurant Associations of India (FHRAI) on Sunday said it has requested Finance Minister Nirmala Sitharaman to provide a special credit guarantee window to the hospitality sector under the Emergency Credit Line Guarantee Scheme (ECLGS).
FHRAI seeks special credit guarantee window for hospitality sector
PTI
New Delhi |
Updated on
May 02, 2021
‘The sector is under tremendous financial stress due to the ongoing lockdown’ The Federation of Hotel and Restaurant Associations of India on Sunday said it has requested Finance Minister Nirmala Sitharaman to provide a special credit guarantee window to the hospitality sector under the Emergency Credit Line Guarantee Scheme (ECLGS). The industry body has asked the government to standardise and align the tenure and the moratorium facilities floated under ECLGS 1.0, 2.0 and 3.0, FHRAI said in a statement.
‘Align tenure’
“The repayment schedule for loans taken under ECLGS 1.0 and 2.0 are likely to begin now, but unfortunately due to the ongoing lockdown many establishments do not have the cash flow to repay it.Therefore, it is imperative to align the tenure and moratorium facilities under ECLGS 1.0 and 2.0 with ECLGS 3.0,” FHRAI Vice-President Gurbaxish Sing
March 3, 2021
As travel and eating out resume in post-pandemic India, the love-hate relationship between hotels and restaurant owners and online aggregators of their services has come to the fore yet again.
On Feb. 26, the Federation of Hotel & Restaurant Associations of India (FHRAI) initiated the #GoDirect, #BookDirect, and #OrderDirect campaigns on social media to urge patrons to connect with businesses directly instead of going through popular travel portals such as MakeMyTrip and Yatra, and food delivery apps such as Swiggy and Zomato. The association, which represents 55,000 hotels and 500,000 restaurants across the country, believes that intermediaries are biting into the revenues of their members, and making it hard for them to survive amid a tough business environment.