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EVENTS

Sanyal stresses on issues faced by hospitality industry at webinar by FHRAI
Friday, 11 September, 2020, 08 : 00 AM [IST]
Our Bureau, Mumbai
The Federation of Hotel and Restaurant Associations of India (FHRAI) recently held an interactive webinar with Principal Economic Advisor Ministry of Finance Sanjeev Sanyal. The webinar lasted for just over an hour and focussed on the issues faced by the hospitality industry with respect to availing schemes announced by the government and Reserve Bank of India (RBI).

Members of the FHRAI informed Sanyal the various issues ranging from banks’ resistance to offer the one-time restructuring of loans to de-activating accounts right after the end date of the moratorium period. He acknowledged hardships faced by the industry and assured the government’s full support for its revival. He also acknowledged the limitations of banks but promised action against any which may have deliberately gone against the government’s orders in extending the required support to the industry.

“We are in the midst of something very unprecedented. I completely sympathise with the hospitality industry and the repercussions it has had to face in the aftermath of the pandemic enforced lockdown. The government is doing all that it can and continues to seek feedback from all sectors including this industry to make the system more efficient. We have, through the one-time loan restructuring option, offered to alleviate the financial burden on businesses. If for any reason, this provision is not working, then the government wants to take your feedback and work on an action-plan to make it work. If this means that the banks, if for some reason have displayed inhibition in co-operating with the businesses trying to avail of the government’s scheme, then we will take necessary action to rectify it,” said Sanyal.

Gurbaxish Singh Kohli, VP, FHRAI and president, Hotel and Restaurant Association of Western India (HRAWI); Pradeep Shetty, joint secretary of FHRAI and VP, HRAWI; DVS Somaraju, treasurer – FHRAI, SP Jain, MD, Pride Hotels; Surinder Jaiswal, president, HRANI; Vivek Nair, CMD, Leela Hotels; and Nirav Gandhi, MD, Express Hotels, were part of the FHRAI interactive meeting delegation.

Kohli said, “The hospitality industry is one of the worst affected industries due to the lockdown. Firstly, we would like to thank the government and the RBI for offering us the option of one-time loan restructuring. However, in the process of attempting to avail the same, we have met with certain obstacles. One of them being, the banks are procrastinating acting on the scheme because they are awaiting the K V Kamath report to come out. The other reason is that banks have a negative perception with regards to restructuring loans since they will have to provision for it separately.”
 
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