25 industry bodies launch 'Save MSMEs campaign'

Hyderabad: A consortium of about 25 trade associations and industry bodies in the country on Monday launched 'Save MSMEs campaign', appealing to the central government to modify the Covid-19 economic revival package to make it more effective. The consortium also sought additional revival measures to reboot the economy.

The Federation of Small and Medium Enterprises of India (FSME India) is part of the consortium coordinated by All India Manufacturers Organisation (AIMO).

Pointing out that only eight per cent disbursal has been achieved under Rs 3 lakh crore CGLS scheme announced by the central government under Atmanirbhar Bharat Abhiyan even after 40 days after the announcement, the consortium said that all MSMEs which were not declared as NPAs as on February 29, 2020 should be allowed to avail additional credit under the scheme.

"As many entrepreneurs would like to wind up and restart fresh with a new business activity , a one time settlement opportunity shall be extended to all companies under litigation or NPA or willing to close so that the number of litigation and time drawn legal battles are reduced and entrepreneurs can begin fresh life," said APK Reddy , National President, FSME India.