JewelOne by Emerald Jewel Industry has set up and will manage 290 beds and 10 oxygen beds at Ramakrishna Mission Vidyalaya, Periyanaikenpalayam, for COVID-19 patients. According to a release, the faci
MSMEs seek financial package
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Industries, particularly the Micro, Small and Medium-scale Enterprises (MSMEs) in Coimbatore and Tiruppur districts have appealed to the Central and State governments to extend a special financial package to the units.
The Industrial Associations of Coimbatore appealed to the Union Finance Minister to announce a stimulus package for MSMEs that are affected by the pandemic and lockdown.
The interest moratorium for six months has been debited with the entire six months interest on March 31, this year. Further, one-year interest moratorium for principal repayment will start for all the units from June. The units that are already under stress due to interest moratorium and price increase of raw materials, will not be able to meet the payment deadline set by the banks. More than 80% of the MSME units will become NPA and will be forced to shut down their operations, the associations pointed out.
Lockdown hits activities at MSMEs
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Total lockdown has led to work from home option catching on in IT, ITES and even a number of corporate companies. However, for the Micro, Small and Medium-scale Enterprises (MSMEs) in the manufacturing sector, all activities have come to a standstill.
According to K.V. Karthik, president of Southern India Engineering Manufacturers’ Association, there is less than 5 % administration work at MSMEs in the manufacturing sector. If there is no revenue generating activity, there is no income. Hence, there is nothing much that can be done by the staff from home. Work from home option cannot apply to manufacturing units, he said.
Industries to remain shut for a week in Coimbatore
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Almost all industries in Coimbatore and Tiruppur districts will remain shut for one week from Monday because of complete lockdown in the State to control the pandemic.
Just about 10 % of MSMEs in Coimbatore are in essential and healthcare sectors and only these will operate, said M.V. Ramesh Babu, president of Coimbatore District Small Industries Association. While the foundries in the MSME sector will not operate, the larger foundries are expected to decide individually.
Spinning mills will not function as the government had not given permission even to those units that house the workers on the premises. Garment exporting units will also remain closed.