‘Malls in Karnataka lost ₹2,000 crore every month since April 2020’
The Hindu
Seek a level playing field while re-opening businesses after the lockdown
Malls in Karnataka lost sales worth ₹2,000 crore every month in the last 15 months, and the State lost revenue of ₹360 crore in the last two months alone, Shopping Centres’ Association of India (SCAI) has claimed. Nationally, malls have lost up to ₹15,000 crore since the COVID-19 pandemic hit markets in March 2020. In the second wave, so far, the country as a whole lost ₹ 25,000 crore in tax revenue. Malls in the country employ over 40 lakh people, and 30% of them have lost their jobs, both in retail and food sectors, in the last 15 months. If malls were not allowed to open and operate soon, mall owners and developers won't be able to hold up further and eventually it would lead to bigger job and revenue losses, cautioned Mukesh Kumar, Chairman, SCAI, an apex body that represents over 650 large malls and more than 1,000 shopping centres under 100,000 sq.ft. in the country.
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