Coimbatore: Coimbatore Pump Manufacturers Association (COPMA) has requested that Rs.1 lakh loan should be provided to micro and small enterprises immediately to aid industries.
Coimbatore: Coimbatore Pump Manufacturers Association (COPMA) has requested that Rs.1 lakh loan should be provided to micro and small enterprises immediately to aid industries.
Coimbatore, known as the Manchester of South India is home to many pumpset spare parts industries, cotton mills, micro and small industries, grinder industries, pipe manufacturers and many other industries.
The pumpsets and spare parts manufactured here are sold all over India. Coimbatore remains the best market for the pumpsets. More than two lakh workers are involved directly and indirectly in the pumpset and spare parts manufacturing industries.
Loss to the tune of Rs.1,000 crores was faced by the industry during the lockdown period. As a result of this, industries are struggling to repay bank loans and interest. Industries have also accused that banks have been attempting to add interest to the accrued interest.
COPMA President Maniraj said, "Since March to August 31 all entrepreneurs and public were provided moratorium. Due to the lack of guidelines and the indifference of the banks, in the initial days, the process for applying for moratorium was not known to many.
Going past the RBI's notice, banks deducted EMI and loans from the bank accounts. Post this, a moratorium was offered. Even during this, banks levy interest on accrued interest and try to collect the pending funds.
The Central government must come forward to take policy decisions regarding this. Other than this. Rs.1 lakh loan must be provided to micro and small industries immediately. Repayment of loans must be postponed for at least four months. Otherwise, thousands of industries will face the decision of closure."
Coimbatore, known as the Manchester of South India is home to many pumpset spare parts industries, cotton mills, micro and small industries, grinder industries, pipe manufacturers and many other industries.
The pumpsets and spare parts manufactured here are sold all over India. Coimbatore remains the best market for the pumpsets. More than two lakh workers are involved directly and indirectly in the pumpset and spare parts manufacturing industries.
Loss to the tune of Rs.1,000 crores was faced by the industry during the lockdown period. As a result of this, industries are struggling to repay bank loans and interest. Industries have also accused that banks have been attempting to add interest to the accrued interest.
COPMA President Maniraj said, "Since March to August 31 all entrepreneurs and public were provided moratorium. Due to the lack of guidelines and the indifference of the banks, in the initial days, the process for applying for moratorium was not known to many.
Going past the RBI's notice, banks deducted EMI and loans from the bank accounts. Post this, a moratorium was offered. Even during this, banks levy interest on accrued interest and try to collect the pending funds.
The Central government must come forward to take policy decisions regarding this. Other than this. Rs.1 lakh loan must be provided to micro and small industries immediately. Repayment of loans must be postponed for at least four months. Otherwise, thousands of industries will face the decision of closure."