Indian Outdoor Advertising Association (IOAA), India’s apex OOH trade body, has made a representation to the Minister of Finance urging the ministry to consider taking strong steps for revival of the industry.
Besides requesting for an overall GST holiday, relaxation in statutory deadlines on compiling various returns and deferment of loan repayment/interest payments up to 31st March 2022, the Association has urged the Ministry to extend the Emergency Credit Line Guarantee Scheme (ECLGS) to the outdoor media industry which at present is only available to business enterprises in the travel, tourism, hospitality, leisure & sporting sectors having a total credit outstanding of not more than Rs 500 crore.
ECLGS was unveiled as part of the Rs 20 lakh crore comprehensive package declared in May 2020 to aid the MSME sector to ease out the economic stress due to Covid situation in India. The Scheme provides for additional working capital loans or long-term loans to MSMEs in the specified sector (travel, tourism, hospitality, leisure & sporting).
This shall go a long way in easing out the financial stress faced by the outdoor media industry and prop up the business on its feet. IOAA is hopeful of getting an appointment for a meeting with the Finance Ministry officials soon.