MSMEs beseech Telangana government for loan waiver sop
As pandemic situation continues to prevail, most of the MSMEs are running in losses with no business and increasing operation costs. They are urging deferment in EMIs, if not complete waiver of loans
Hyderabad: With deadlines of moratorium on bank loans coming to an end, the distressed MSMEs are seeking deferment in loan repayment and some are demanding loans to be waived off completely.
To further their demand some have even wrote to Prime Minister Narendra Modi seeking his intervention in the matter stating that lockdown has a bearing on their businesses making them unable to pay their EMIs.
Mohammed Imaam Tahseen, a social activist and the voice behind the distressed MSMEs in the city, wrote to Modi explaining the present situation of small industries which have been severely affected due to lockdown.
"Several MSMEs in Telangana are not in a position to continue their business due to the crunch of labourers and inability to pay the salaries or wages to their staff. In such a financial distressed situation, the MSMEs are unable to to pay their EMIs. Instead of extending them more finance on their outstanding loan amount, the government should announce waiving off their outstanding loans to enable them to focus on reviving their business without mental stress," contended Imaam Tahseen.
Similarly, shooting up a letter to RBI Governor, the leaders of Indian Federation of App Based Transport Workers (IFAT) have also demanded extension of deadline of moratorium for the vehicle loans.
"Despite of no fiscal benefit this year, the road transport sector has to bear the burden of taxes, diesel prices, maintenance and operation costs that continue to increase while freight remains subdued due to weak demand. At present more that 50 per cent of the vehicles are still off the road and once the current moratorium period is over there would be spurt in NPAs," said Nagesh Kumar, State Vice President (IFAT).