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BJP MP writes to Sitharaman about MSMEs in distress
Suresh Prabhu has sought the finance minister’s “personal intervention” regarding the “tremendous stress” Micro, Small and Medium Enterprises (MSME) sector faces due to the second Covid-19 wave
Ruling Bharatiya Janata Party Parliament member Suresh Prabhu has written to Union finance minister Nirmala Sitharaman seeking her “personal intervention” regarding the “tremendous stress” Micro, Small and Medium Enterprises (MSME) sector faces due to the second Covid-19 wave.
“I have been approached by several organisations representing MSMEs about the challenges being faced by small businesses due to the second wave Covid-19. The disruptions caused by severe restrictions like lockdowns in several states have put the MSMEs under tremendous stress,” said Prabhu. He urged Sitharaman and the Reserve Bank of India to look into their grievances. “Survival of the MSME sector, a backbone of our economy, is critical for the early revival of the economy as a whole and also for protecting jobs and livelihoods of millions.”
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Prabhu recommended policy interventions such as the rescheduling of the loan portfolios, waiver or deferment of interest, opening a new window for infusion of equity and loan capital, and ensuring liquidity and solvency. He added as someone, who has worked in the government for nearly 25 years, he understands the limitations. “But at the same time, as a member of Parliament who has represented three different states, I have to put forth the grievances of the people who have reached out to me. It is my job as an MP. Pointing out the issues also helps to draw the attention of the minister.” He said the sector was facing liquidity and solvency problems.
A copy of the letter has also been sent MSME minister Nitin Gadkari. HT reached out to the MSME ministry but did not receive a response immediately.
