Industries Secretary Jayesh Ranjan on Thursday urged banks to undertake necessary analysis for identifying micro, small and medium enterprises (MSMEs) in the State that can benefit from the subordinate debt scheme announced recently by the Centre.
Describing the scheme, forming part of the Atma Nirbhar Bharat Abhiyan, as unique and needed for stressed MSMEs, the senior official said the State was keen on the enterprises getting benefited from it. The State was better placed, with proper planning, to benefit from the scheme given that it had created Telangana Industrial Health Clinic Ltd (TIHCL) to address incipient sickness in MSMEs, he said. Mr.Ranjan was addressing a virtual session on ‘Learning the Hard Way for Revival: Manufacturing MSMEs under Atma Nirbhar Bharat Abhiyan: Subordinate Debt (Equity)’ organised by Confederation of Indian Industry (CII) in association with TIHCL.
Urging banks to work with TIHCL in supporting stressed MSMEs, he said the Industrial Health Clinic can undertake diagnostic study and formulate specific plans and strategies to revive the such enterprises. TIHCL can offer consultancy and solutions in areas such as management, marketing, finance and technology, he said.
A release from CII said in his welcome address, Convenor of CII Telangana MSME Panel A.V.S. Reddy described the Subordinate Debt scheme as a timely assistance measure for MSMEs in view of crisis triggered by COVID-19. He said there is an urgent need to implement the scheme effectively and enable banking system to facilitate needy and stressed MSMEs to access the benefit.
Advisor to TIHCL B.Yerram Raju said though banks were asked to revive and restructure enterprises under three stages that has not yielded the desired result for the last three years. TIHCL, he said, will support and handhold stressed MSMEs and NPAs for their revival.
Around 75 MSMEs from Telangana and other States participated in virtual seminar, the CII release said.
