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05 Jun 2020, Edition - 1788, Friday

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Coimbatore

Exporters seek nine month moratorium on servicing of interest

Covai Post Network

Coimbatore : Tirupur Exporters Association (TEA)  requested Prime Minister, Narendra Modi to extend the moratorium on
servicing of interest and principal b y another nine month to MSMEs and Non-MSMEs (not big corporates), as the revival of MSMEs would expected to happen only after another six months.

In a letter to Modi, copy of which was released to the press, TEA President, Raja M Shanmugham said that the lock down period has been now extended to May 31 and exporters like to drive home the point that for the past two months,
the industries have not been permitted to operate and moreover, if taking into account the global market closure date also, it would be actually three months and more importantly,the
leading global retail stores would reopen only from June on wards and place the orders gradually, that too in an increment manner only.

Without having any activities and the house totally in disorder, the MSMEs could not repay the interest and principal, he said.

The Non-MSME units which could be categorized just above the MSME category but not in the league of big corporates like Reliance
Industries, Grasim Industries  have also been facing the liquidity crisis and these units certainly need the support of Government to tide over the crisis, Raja Shanmugham said.

“Therefore, we request for extension of the moratorium on servicing of interest and principal at least by three to six months,”he said.

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