Lockdown: Odisha Industry body urges Finance Ministry to waive Interest on Term Loans & working capital loans

Bhubaneswar: The Utkal Chambers of Commerce (UCCI), an industry body of Odisha based small and medium scale industries has urged the Union Finance Ministry to waive interests on Term loans and working capital loans till normalcy is restored.

Representatives of the industry body led by its President Ramesh Mahapatra have met the Chief Secretary Asit Tripathy yesterday and submitted two representations on behalf of the industries.

They have requested State Govt. to suitably take up with Central Finance Ministry as regards granting  equivalent amount of working capital loan, additional MUDRA loan on the subsidized rate of interest and waiver of Interest on Term Loan & working capital loan from March 2020 till normalcy is restored. He also requested for immediate release of payments due to Industries/MSMEs by PSUs and other Central & State Govt. agencies which will provide immediate succour to worst-hit MSMEs. UCCI also requested for a special package to STARTUPs as the young entrepreneurs are suffering due to unexpected closure.

UCCI mooted the suggestion of wage payment during the lockdown period from the fund available with ESI which is stated to be to the tune of Rs. 84,000/- crores and parked with Banks as deposits. As in case of temporary disablement benefit provision of 90% payment exists, the present lockdown amounts to temporary discontinuation and such money be made available for payment of wages by ESI for the month of April, which will fall due shortly. Mr Mahapatra requested for taking up the issue with the Central Labour Ministry and suitable recommendation from State Govt.