Kerala demands a special package for small scale industries

Stock Market

Thiruvananthapuram: Kerala Chief Minister Pinarayi Vijayan on Thursday demanded a special package for small scale industries and entrepreneurs to beat the disaster because of COVID-19 pandemic within the State.

He stated the monetary package introduced by the Union Finance Minister doesn’t tackle the demands of the small scale entrepreneurs.

“The small scale entrepreneurs had raised two demands. One, give a one-year moratorium on existing loans and avoid interest during this period. Two, sanction new loans. In the central package announced on Wednesday, only the second demand was considered and that too, at the mercy of the banks. Waiver of interest has not been considered during the moratorium period,” Vijayan stated.

“The announced package only has nominal spending from the Union government’s budget and this has to change. Banks are refusing to sanction loans during this difficult time,” he stated.

The Chief Minister added that the State Government will attempt to deliver collectively the banks and industries to make efficient interventions that can profit the whole economic system.

“The fixed charge of electricity has now been postponed but the State would need the help of the central government to write off the charges. In addition to that, workers in the small scale sector need to be given financial aid. If the State has to get central assistance to pay PF, the clause that stipulates the salary requirement of below 15,000 must be removed,” he stated.

He additional stated that states must bear the brunt of the 90,000 crores subsidy granted to energy corporations. But the state authorities is but to obtain any monetary help. The Kerala Government hopes there shall be a change within the method within the coming days.”

“The Union Finance Minister should discuss these issues with the State Finance Ministers and come up with a clear strategy to help the states continue their healthcare and social security activities. This is even more necessary at this point when the State’s revenues are at minimum and expenses have doubled. Compared to the March 19-April 19 th period, Kerala has a revenue loss of 6,451 crores”, the Kerala Chief Minister added.

This story has been revealed from a wire company feed with out modifications to the textual content. Only the headline has been modified.

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