Live
- A Guide to Temperature and Humidity Standards in Data Center Server Rooms
- Gadwal collector briefs on details of voters
- Jupally Krishna Rao takes part in Alampur rallu
- Bharath Prasad files 3rd Nomination
- Baisakh Month: A Time of Auspicious Beginnings and Sacred Festivals
- Oust BJD govt for overall development, says Shah
- Unveiling the Hidden Gems: Surprising Health Benefits of Garlic Peels
- Overcoming Sleep Struggles: A Comprehensive Guide to a Restful Night
- RTC bus hit the auto
- MLA Kuchukula Rajesh Reddy participated in the Birappa festival
FSME India seeks support from MSMEs in AP, Telangana
The Federation of Small and Medium Enterprises of India FSME India urged the central government to extend support to micro, small and medium enterprises MSMEs in Andhra Pradesh and Telangana In a memorandum submitted to Giriraj Singh, Union Minister of State for MSMEs during his recent visit to the city, APK Reddy, National President, FSME India, maintained that MSME sector was facing innumer
Hyderabad: The Federation of Small and Medium Enterprises of India (FSME India) urged the central government to extend support to micro, small and medium enterprises (MSMEs) in Andhra Pradesh and Telangana. In a memorandum submitted to Giriraj Singh, Union Minister of State for MSMEs during his recent visit to the city, APK Reddy, National President, FSME India, maintained that MSME sector was facing innumerable challenges in both the Telugu states on the account of impractical non-performing asset (NPA) norms being imposed by the banks and Reserve Bank of India.
“The central government should take immediate steps to bring in new NPAs in order to help MSMEs. Otherwise, scores of MSME units will be closed in the Telugu states and across the country,” he added. He also brought to the notice of the Minister the delay in payments from public sector undertakings (PSUs) and large corporates. “Most of the PSUs and corporates don’t release the payment to their vendors as per the purchase order terms.
Most of the MSMEs are getting their payment after more than 180 days. As result, small companies are failing to make statutory payments, loan repayment and clear wages. This delay is one of the main reasons for MSMEs defaulting on loan payments and therefore turning into NPAs,” he explained.
Pointing out that MSME sector which accounted for majority of private jobs and exports from the country was in bad shape across the country, he requested the Union Minister to convene a joint meeting of all the industry bodies and officials from various departments to discuss problems being faced by the sector and initiate measures to solve them.
