New strategy to revive MSMEs mooted
Coimbatore Oct 22 PTI Several MSMEs micro small and medium enterprises in the country are in ICU and need oxygen to survive even as 80 per cent of SMBs small and mid-size businesses were insecure about the future following COVID-19 according to Consortium of Indian Associations CIA The CIA and its 50 partner-SMB associations conducted a survey in June last that covered the plight of over 8100 self-employed and microsmall businesses MSEs said the CIA convenor K E Raghanathan on Friday Despite MSEs and self-employed individuals being the backbone of the economy MSEs have been going through tough times since 2016 and finding it difficult to recover from the shocks of demonetisation GST slowdown and the COVID wave he told reporters here citing the survey findings Considering the situation the associations wanted the government to adopt a three-pronged approach towards reviving SMEs – Exempt Protect and Support he said Exempt from statutory compliances penal actions and litigation for the next two years Protect them from the high-interest burden rice wars high cost of raw materials and Support by giving liberal loans clearing off pending dues offering moratorium with interest waiver and not declaring the NPAs for the next two years he added PTI NVM NVG NVG
Coimbatore Oct 22 PTI Several MSMEs micro small and medium enterprises in the country are in ICU and need oxygen to survive even as 80 per cent of SMBs small and mid-size businesses were insecure about the future following COVID-19 according to Consortium of Indian Associations CIA The CIA and its 50 partner-SMB associations conducted a survey in June last that covered the plight of over 8100 self-employed and microsmall businesses MSEs said the CIA convenor K E Raghanathan on Friday Despite MSEs and self-employed individuals being the backbone of the economy MSEs have been going through tough times since 2016 and finding it difficult to recover from the shocks of demonetisation GST slowdown and the COVID wave he told reporters here citing the survey findings Considering the situation the associations wanted the government to adopt a three-pronged approach towards reviving SMEs – Exempt Protect and Support he said Exempt from statutory compliances penal actions and litigation for the next two years Protect them from the high-interest burden rice wars high cost of raw materials and Support by giving liberal loans clearing off pending dues offering moratorium with interest waiver and not declaring the NPAs for the next two years he added PTI NVM NVG NVG
