Tamil Nadu Chief Minister M.K.Stalin has appealed to the Chief Ministers of various states on the issue of providing a moratorium on repayment of loans to MSMEs by the Union Government. In a letter addressed to the Chief Ministers of Andhra Pradesh, Bihar, Chattisgarh, Delhi, Jharkhand, Kerala, Maharashtra, Odisha, Punjab, Rajasthan, Telangana, West Bengal, he underlined the need for a uniform support to MSMEs.
He appealed to the Chief Ministers to write to the Union Finance Minister and also to the Governor of the Reserve Bank of India to offer moratorium on repayment of loans for atleast the first two quarters of 2021-22 to all small borrowers with outstanding loan upto Rs. 5 crore in view of the lockdowns induced by the second wave of COVID-19.
Stalin reiterated that the absence of such relief measures would force many businesses which are the mainstay of the Country’s economy and employment generation to close and would lead to widespread economic distress.