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May 19, 2021

MP Suresh Prabhu writes to FM about MSMEs in distress request for loan interest waiver

by CA Shivam Jaiswal in Corporate Law

MP Suresh Prabhu writes to FM about MSMEs in distress request for loan interest waiver

Smt. Nirmala Sitharaman ji,

I have been approached by several organisations representing MSMEs about the severe challenges being faced by the Small businesses due to the second wave of COVID-19.

The disruptions caused by severe restrictions like lockdowns imposed by several states have put the SMEs under tremendous stress.

You are requested to look into their genuine grievances, aggravated by unforeseen circumstances by a positive policy response, both by the Finance ministry and the RBI.

Survival of this MSME sector, a backbone of our economy, is critical for early revival of economy as a whole and also for protecting jobs and livelihood of millions.

Some important policy interventions such as the rescheduling of loan portfolio, waiver or deferment of interest, opening a new window for infusion of both equity and loan capital, ensuring liquidity and solve, are urgently needed.

I am confident that Ministry of Finance will proactively work with the MSME sector to address their urgent needs, your personal intervention in this matter will be appreciated.

Sincerely,

(Suresh Prabhu)

Smt. Nirmala Sitharaman

Union Minister of Finance North Block, New Delhi

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