Recovery path for several sectors delayed due to second Covid wave: India Ratings
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The agency also expects the impact of the pandemic to spill over in FY23, with moderation in growth given a slowdown in consumption and investment demand outlook and smoothening out of supply chain issues.
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The agency also expects corporate growth to decline 3%-5% in FY21 compared with its earlier estimate of a decline of 12.2%.
Domestic agency India Ratings and Research expects the overall recovery path to be pushed back for most of the service-oriented sectors to FY22, owing to a major supply-side disruption from the second wave of COVID-19 infections.
The industry body has also sought a complete or partial waiver of statutory expenses like property tax, lease rentals, license fee, and excise fee payable by hotels to various government authorities.HAI
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).
Hotels body seeks liquidity support amid 2nd wave of Covid
By IANS |
Published on
Sun, May 2 2021 13:51 IST |
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BMC books 3,343 isolation rooms in 88 hotels for Indian arrivals. Image Source: IANS News
Mumbai, May 2 : As the severe Covid crisis and the resultant lockdowns have again brought the travel and hospitality industry to a halt, the Hotel Association of India (HAI) has written to the Central government seeking liquidity support in the form of lower interest rate and further customisation in the Emergency Credit Line Guarantee Scheme (ECLGS).
The industry body has also sought a complete or partial waiver of statutory expenses like property tax, lease rentals, license fee, and excise fee payable by hotels to various government authorities.