RAI urges states to reopen formal retail sectors to revive economy
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New Delhi: The Retailers Association of India (RAI) on Thursday noted the operations of formal retail sectors including retail stores, malls and shopping centre as essential to reviving the economy from the impact of Covid-19.
In a statement, the RAI suggested permitting the retail sectors across states to be reopened in a controlled manner.
Economic revival is intertwined with the revival of retail businesses, especially large formal retail spaces, which are the drivers of consumption, RAI said in a statement.
Kumar Rajagopalan, CEO of RAI said: "We believe that formal retail spaces like malls have the ability to operate as a controlled environment.
Speaking on relaxations announced by various state governments, Rajagopalan appreciated the Haryana government's decision to open malls with restricted time.
He also added that the industry body is looking forward to similar relaxation announcement from other states as well to support the economy.
The retailers' body explained the extremely important role of formal retail space such as malls and shopping centre due to their contribution to the exchequer in the form of taxes and the people they employ.
RAI in its statement observed that economic revival is intertwined with the revival of retail businesses especially large formal retail spaces, which are the drivers of consumption.
The only way of getting rid of the economic impact of the pandemic and saving livelihoods is by everybody participating in sharing of the cost burden and acting to revive retail business activity, it said.