Ludhiana cycle manufacturers worried over lack of grants to MSMEs

Ludhiana, May 28

The United Cycle Parts Manufacturers Association (UCPMA) here has written to Prime Minister Narendra Modi on the issues being faced by the MSME (Micro, Small and Medium Enterprises) sector during the pandemic.

In the letter, the UCPMA stated that the government had promised to support the MSME sector during the lockdown of last year, the importance of which was recognised by the Finance Minister in the 2020 Budget Speech as well.

“Many sectors received grants and the MSME sector was also expecting the same. But in the name of grants, only bank moratorium period was extended and loans were rescheduled,” members of the association said.

The UCPMA president, DS Chawla, said burden on the sector was increasing as the extended period attracted more interest, which became a liability.

“We want this sector needs to be treated in the manner agriculture sector is, which is given aids as grants and not as a loan,” said Chawla.

“Steel companies are more interested in exporting than feeding the domestic industry. We urge the government to immediately ban the export of raw steel and the manufactured product be given to the local industry first. A steel regulatory committee should be formed with due representation to the MSMEs. Bank interest for the period of the first and second wave of the pandemic should also be waived,” said the UCPMA president. — TNS

Join Whatsapp Channel of The Tribune for latest updates.