Hotel Association of India urges govt to ease ECLGS conditions

Hotel Association of India (HAI) on Friday announced that it has made submissions to the finance ministry to help the sector in the ongoing pandemic. It has urged the ministry to customize the Emergency Credit Line Guarantee Scheme (ECLGS) extended through ECLGS 3.0 to cover business enterprises in hospitality, travel, and tourism sector. Under this scheme, the beneficiary gets emergency credit support where the government acts as a guarantor.

The association said that in addition to being highly capital intensive, hotels have a high percentage of fixed costs of operations that have become unsustainable owing to nil or negligible revenues. The recovery of hotels will also be long-drawn as borders will be reopened with extreme caution and traveller confidence will return over an extended period of time. The ECLGS 3.0 scheme for hotels, therefore, needs to factor-in these aspects unique to the industry.

Inclusion of state financial corporations,…

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