Karnataka Small Scale Industries Association (Kassia) has submitted a memorandum to the Finance Minister P Chidambaram for setting up a high powered task force to address multifarious problems of the sector.
Karnataka Small Scale Industries Association (Kassia) has submitted a memorandum to the Finance Minister P Chidambaram for setting up a high powered task force to address multifarious problems of the sector.
B P Shashidhar, president, Kassia, said, “There is a need to restore the stamina and build momentum of theMSME sector to play its contributory role in the nation building with double the vigour”.
Kassia members have submitted a memorandum to Chidambaram. "At no time the industry has found itself at such a distress as at present and therefore needs urgent attention to preserve its contribution to the economic equilibrium of the state," Shashidhar said in his memorandum.
"The sector is losing inherent strength acquired through the six decades of meticulous planning and policies, and entrepreneurial support. Before the situation worsens, remedial actions need to be taken to avoid the worst, without any further loss of time," Shashidhar said.
He said absence of immediate corrective action at this stage will result in greater damage to the nation's economy. He has also urged the Finance Minister to intervene immediately and take remedial measures to save the MSME sector.
The association also suggested for release of 20 per cent extra loan for all borrowers without further formalities and restructuring of NPA loan cases for a further period of six months."These steps will provide immediate relief to majority of the affected MSME units," Kassia president added
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