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Tamil Nadu
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Chennai
Plea to protect micro, small and medium enterprises
Special Correspondent
CHENNAI: The All India Micro Agro Rural and Small Industries Association has submitted a memorandum to Prime Minister Manmohan Singh urging him to protect and rehabilitate Micro, Small and Medium Enterprises (MSMEs) that are facing acute problems and a bleak future.
In a press release issued here on Tuesday, association founder president K.V. Kanakambaram pointed out that more than 70 per cent of MSMEs had closed down their units. Steps had been initiated against the remaining MSMEs by financial institutions and public sector banks for recovering their dues.
He sought the help of Dr. Singh to order a survey of closed industries that would give a realistic picture of the pathetic situation.
Citing the recessionary trend, he sought suspension of classification of Non-Performing Asset (NPA) during the recessionary period and wanted MSMEs to be given a year for revival before declaring them NPA.
He wanted MSMEs below the Rs.10-lakh limit exempted from the SARFEASI Act, moratorium on ESI and PF remittance and reintroduction of acceptance of repayments by banks once in six months.
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