MSMEs seek financial package
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Industries, particularly the Micro, Small and Medium-scale Enterprises (MSMEs) in Coimbatore and Tiruppur districts have appealed to the Central and State governments to extend a special financial package to the units.
The Industrial Associations of Coimbatore appealed to the Union Finance Minister to announce a stimulus package for MSMEs that are affected by the pandemic and lockdown.
The interest moratorium for six months has been debited with the entire six months interest on March 31, this year. Further, one-year interest moratorium for principal repayment will start for all the units from June. The units that are already under stress due to interest moratorium and price increase of raw materials, will not be able to meet the payment deadline set by the banks. More than 80% of the MSME units will become NPA and will be forced to shut down their operations, the associations pointed out.
Industries to remain shut for a week in Coimbatore
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Almost all industries in Coimbatore and Tiruppur districts will remain shut for one week from Monday because of complete lockdown in the State to control the pandemic.
Just about 10 % of MSMEs in Coimbatore are in essential and healthcare sectors and only these will operate, said M.V. Ramesh Babu, president of Coimbatore District Small Industries Association. While the foundries in the MSME sector will not operate, the larger foundries are expected to decide individually.
Spinning mills will not function as the government had not given permission even to those units that house the workers on the premises. Garment exporting units will also remain closed.
Industries welcome announcements for MSMEs
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AAA Industries in Tiruppur and Coimbatore have welcomed the announcements by Tamil Nadu Chief Minister M.K. Stalin for the Micro, Small and Medium-scale Enterprises (MSMEs).
According to M.V. Ramesh Babu, president of Coimbatore District Small Industries Association, the assurance that steps will be taken to vaccinate all eligible workers, and time for statutory steps, will help the MSMEs at this juncture.
The Southern India Engineering Manufacturers’ Association (SIEMA) president K.V. Karthik said the State government had fulfilled the demands of the industry within 48 hours of the industries placing their requirements. Extension of the MOD charges exemption, release of ₹168 crore, etc., would benefit the industries, he said.
Industries gear up for lockdown
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With the State to go under complete lockdown from Monday, industries in Coimbatore and Tiruppur districts that are in essential sectors or exports will continue to run. Meanwhile, several industries in the two districts also plan to shutdown on a voluntary basis.
A district administration official said that industries permitted in the government order will continue to function. Workers at these units will be allowed to travel to the industries.
In Tiruppur, Raja M. Shanmugham, president of Tiruppur Exporters Association, said the district administration had informed them that workers will not be permitted to come to work places on two-wheelers. Companies can organise transport facilities. “This has been conveyed to the exporting units,” he said.
Coimbatore: Industrial bodies here on Friday extended congratulations and best wishes to DMK chief M K Stalin, who was sworn in as the chief minister of Tamil Nadu, and urged him to take measures to check the spread of Covid-19. The Coimbatore Tirupur Districts Micro and Cottage Entrepreneurs Association (Cotma) urged the CM to take steps to ensure uninterrupted oxygen supply to hospitals.
Cotma members requested him to control the rising price of raw materials including steel and pig iron and to ensure uninterrupted supply of raw materials to domestic industries. They urged him to take steps to provide loans with minimum interest to industries.