Coimbatore: Member of the Federation of the Coimbatore Industry Association (Focia) on Wednesday wrote to the Minister of Finance Union Nirmala Sitharaman, asked him to allocate more funds to withdraw loans to micro units affected by a pandemic.
“The Union Government recently announced a separate scheme for micro units, where, loans of up to Rs 1.25 lakh each can be given to existing and fresh borrowers.
But the government only allocates Rs 2,500 Crore, which will not be enough Even to cover 25 targeted micro lakh units, “said Focia James coordinator.
“The target will only benefit 4.2% of micro units in this country.
We have asked the Minister to increase the allocation of funds for the scheme.” The statement from the Federation said that members also asked the minister to take steps to ignore the sentences imposed on two Butt months.
“The recent statement by the bank revealed that around 60% of new non-performing assets were added during April and May 2021 from MSMEs and the increase almost doubled from normal events,” the statement added.
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