The Industrial Estate Manufacturers Association has submitted a letter to Tamil Nadu Chief Minister Edappadi K. Palaniswamy saying that a timely government policy is needed to protect industries and MSMEs in the State.
The association pointed out that the closure of Sterlite Copper has created a fear psychosis in the minds of industrialists. A statement by the association’s president K.V. Kanakambaram said that the government should boldly come forward to condemn such acts and build confidence among industrialists. Otherwise, more firms will shut down or move elsewhere, it said. The letter highlighted the closure of the Madura Coats plant at Ambasamudram.
Mr. Kanakambaram said that if one company closed, it had an impact on ancillary units. “If agitations like this continue, it will impact investments and firms will not be able to pay their salaries and other dues,” he said.