HOSTIA calls for interest waiver on loans from TIIC

October 08, 2021 10:57 pm | Updated 10:57 pm IST - KRISHNAGIRI

Hosur Small and Tiny Industries Association (HOSTIA) has called for interest waiver on loans obtained from the Tamil Nadu Industrial Investment Corporation in the lockdown period between April and June, 2021.

In a representation made to Finance Minister P.T.R. Palanivel Thiagarajan, HOSTIA placed a charter of demands with focus on interest waiver on loans from TIIC, which would induce the Union government to waive interest levied on MSMEs by the scheduled banks.

The other demands included exemption from penalty interest for delayed payment of GST from 2017 to 2021, e-way bill should not be blocked for delayed GST payment at any point in time, interest of not more than 6 % should be levied for delayed GST payment and GST registration should not be cancelled for firms on account of delayed GST payment.

HOSTIA also called for setting up of a State-owned MSME bank to support MSMEs and single window clearance by banks for loan demands from MSMEs to remedy the issue of timely credit for MSMEs.

The MSMEs had also demanded insulation from “unfair pricing” by corporates by way of a Minimum Support Price for MSME products.

HOSTIA sought the setting up of a Small Entrepreneurs Welfare Board to provide support to the families of MSMEs in the event of death, accidents, or heavy losses.

On the infrastructure front, Hosur Trade and Export Promotion Center that was announced in 2017 was still to take off. HOSTIA urged the government to expedite the project which would help augment trade activities within the district.

Similarly, HOSTIA also demanded “operationalising the Hosur Airport project under the Udaan Scheme” to facilitate growth in the region.

The government should also provide infrastructure for the setting up of a private industrial estate in Kelamangalam, where the Hosur small industries association owned 90 acre.

The petition was handed over to the Finance Minister, HOSTIA president K.Velmurugan told The Hindu .

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