: Closure of economic activity will lead to permanent closure of businesses: RAI #FinanceIndia #StockMarketNEWS Closure of economic activity will lead to permanent closure of businesses: RAI New Delhi,

@StockMarketNEWS Thu 22 Apr, 2021

Posted in: #FinanceIndia #StockMarketNEWS

Closure of economic activity will lead to permanent closure of businesses: RAI #FinanceIndia #StockMarketNEWS
Closure of economic activity will lead to permanent closure of businesses: RAI New Delhi, Apr 20 (KNN) With varied localised restrictions being imposed across states due to deadliest second wave of COVID-19 pandemic, Retailers Association of India (RAI) on Tuesday said closure of economic activity at this stage will lead to permanent closure of businesses and millions of job losses.

Stating that the retail industry is beginning to see similar issues repeating in some form that were faced last year, RAIs CEO, Kumar Rajagopalan said that shopping centres should be allowed to operate with strict surveillance.

“Shutting down non-essential or non-food retail and malls is not the solution. Considering the impact of last year on business, closure of economic activity at this stage will lead to permanent closure of businesses, thereby leading to millions of job losses. Instead, there is an urgent need for stricter surveillance to ensure that all rules with regards to safety & hygiene and social distancing norms are being followed by one and all, said Rajagopalan.

Formal retail businesses, especially shopping centres across India have been successfully following SOPs and hence should be allowed to operate with strict surveillance,” he added.

Furthermore, since each state/local body has interpreted the lockdown order and guidelines differently, along with malls, all other large format retail stores are facing restrictions and are being mandated closures at local levels.

To diffuse this situation, the Retailers Association of India has outlined the definition of a standalone store for easy reference for its retail members, state and local governments. RAI believes that this interpretation will help to stop unnecessary and avoidable confusion in the market, RAI said.

RAI in a submission to certain state governments has explained that a retail store, not located in a mall, should be considered a standalone store as per the following: The entire store is owned by one firm/company, all billings /transitions are done under one GST Number, Such store has a single shop and establishment license /trade license and in case of food business such store has one food license (FSSAI).

It further said that there is an urgent need for a coordinated effort from the centre towards handling diverse restrictions at the local levels to minimise impact on economic activities. Ad hoc localised restrictions like certain formats not being allowed to operate or restricting timings of operations are not conducive for already ailing businesses to survive.

Instead, there should be increased focus on amplifying awareness drives, increasing testing, strict enforcement of COVID-appropriate behaviour and, accelerating the vaccination drive and expanding its reach and coverage, RAI added.