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Telangana minister KT Rama Rao asks Nirmala Sitharaman for moratorium on MSME loans till March ’22

This support would provide relief to the MSMEs and help them get back to normalcy, IT and Industries Minister KT Rama Rao said in a letter to Finance Minister Nirmala Sitharaman. 

IT and Industries Minister KT Rama Rao, in a letter on Wednesday, July 7, 2021, requested Union Finance Minister Nirmala Sitharaman to impose a moratorium on loans taken by MSMEs till March 31, 2022, without any accrual of interest, during the moratorium period. Rama Rao placed this request in the wake of the loss of business and declining revenues of MSMEs.

“It would be justified if the loans availed by the MSMEs are given a moratorium,” he said. This support, he said, would provide relief to the MSMEs and help them get back to normalcy. 

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“Hyderabad and surrounding districts are major hubs for manufacturing for the past five decades. But due to pandemic-induced restrictions, the MSMEs have been badly affected,” he said. “Though the State government did not place any restrictions on industrial activities during the second wave, restrictions in surrounding States had a major impact on the functioning of industries in Telangana,” he said. Take up supportive measures in favour of MSMEs, he requested the Centre.