Coimbatore: The Cotton Producers and Merchant Association has requested a moratorium at least until December for the repayment of loans and interests.
Coimbatore: The Cotton Producers and Merchant Association has requested a moratorium at least until December for the repayment of loans and interests.
COPMA President Maniraj said, "Due to the intensity of the COVID-19 spread in India, since March all MSMEs have been completely paralyzed and an economic crisis occurred. Due to the unprecedented state of affairs, production and cash flow have been affected beyond imagination. From last March until August 31, various loans availed by entrepreneurs and the public were provided time for repayment of EMI and principal.
However, even after six months, the operations of factories, production and sales have not returned back to normal.Lack of cash flow and economic crises are still continuing. As a minimum help to the industries, capital loans availed for the development of industries and machinery loans, vehicle loans and home mortgage loans should be provided time for repayment until at least December.
There are more than 1.5 lakh people who depend on Micro and Small motor pumpset manufacturing, spare parts manufacturing and industries undertaking job work in the Coimbatore District. Due to the COVID-19 lockdown for the past six months, unemployment and lack of income have caused the workers to suffer even with their daily living.
75% of industries are functioning with a minimum number of workers. Even then, many factories have been providing three to four days offs each week as 'no work' holidays. Hence bank loans and interest payment must be deferred by at least four months to provide minimum peace in the lives of the people. The Central Finance Minister Nirmala Sitaraman must take action regarding this."
COPMA President Maniraj said, "Due to the intensity of the COVID-19 spread in India, since March all MSMEs have been completely paralyzed and an economic crisis occurred. Due to the unprecedented state of affairs, production and cash flow have been affected beyond imagination. From last March until August 31, various loans availed by entrepreneurs and the public were provided time for repayment of EMI and principal.
However, even after six months, the operations of factories, production and sales have not returned back to normal.Lack of cash flow and economic crises are still continuing. As a minimum help to the industries, capital loans availed for the development of industries and machinery loans, vehicle loans and home mortgage loans should be provided time for repayment until at least December.
There are more than 1.5 lakh people who depend on Micro and Small motor pumpset manufacturing, spare parts manufacturing and industries undertaking job work in the Coimbatore District. Due to the COVID-19 lockdown for the past six months, unemployment and lack of income have caused the workers to suffer even with their daily living.
75% of industries are functioning with a minimum number of workers. Even then, many factories have been providing three to four days offs each week as 'no work' holidays. Hence bank loans and interest payment must be deferred by at least four months to provide minimum peace in the lives of the people. The Central Finance Minister Nirmala Sitaraman must take action regarding this."