FICCI, FAITH seek extension of loan moratorium by six more months

 Thursday, September 3, 2020 


On Wednesday, industry associations FICCI and the Federation of Associations in Indian Tourism and Hospitality (FAITH) called for the extension of the loan moratorium, sayingit was needed to provide relief to the tourism industry, which has been decimated by the pandemic and subsequent lockdowns.

“While the RBI granted a six-month moratorium till August 2020, in view of the current situation, the moratorium needs to be extended for, at least, another six months on all working capital, principal, interest payments, loans and overdrafts,” FICCI said.

FICCI pitched for a new Tourism Policy and infrastructure status to hospitality sector.Jyotsna Suri, Chairperson, FICCI Tourism Committee and CMD, The Lalit Suri Hospitality Group, said, “A waiver for 12 months of all statutory dues is urgently required regarding license fees, property tax and excise fees.Bars in hotels should be allowed to open and liquor should also be allowed to be served in restaurants as well.”

Separately, the Federation of Associations in Indian Tourism & Hospitality (FAITH) said it has raised a request to the Expert Committee set up by the RBI and asked for a 24-month extension for the sector. FAITH wrote that all segments of Indian tourism are down and will underperform. The international inbound tourism segment had contributed almost Rs 1.95 lakh crore to the sector.

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