The Consortium of Puducherry Industries Association (COPIA) has appealed to the Union Government to extend the moratorium for repayment of various loans and the validity of relief measures up to December 31.
In a memorandum addressed to Union Minister for Micro, Small and Medium Enterprises (MSME) Nitin Gadkari, COPIA president R. Mananathan said the Centre had taken various proactive steps to keep the hopes and aspirations of the industries alive.
This included moratorium on repayments and restructuring payments for non-performing companies.
While the above measures had helped MSMEs to a great extent, their validity was only till August 31, he said. “With no end in sight to the pandemic, the industries are still continuing to be under stress. The economy has also not looked up leading to slump in growth,” he added.
The MSME sector, in particular, continued to face liquidity crunch due to supply chain disruption, migrant labour problem and demand pick up, Mr. Mananathan said. Under these circumstances, if the moratorium came to a close without being extended, many MSMEs would have no other option but to close operations permanently.
“This will result in huge unemployment and affect the supply chain of large industries. Therefore, the Centre should extend the moratorium till December 31 to help the MSME sector,” he said.
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