K.T. Rama Rao, the Municipal Administration and Urban Development Minister of Telangana, on the 8th of July, wrote to the Union Finance Minister Nirmala Sitharaman.
The letter was written in order to ask financial assistance for Telangana’s Micro, Small, and Medium Enterprises (MSMEs) which faced losses in the wake of the Wuhan virus, also known as the Novel Coronavirus (COVID-19) pandemic. Mr. Rao said, although the cases of COVID-19 is declining in Nation and by the 4th quarter of the financial year 2021-2022, the economic situation would be better, the nation would need financial assistance.
K.T. Rama Rao said, the companies should be given a moratorium on interest till the 31st of March 2022 for the MSMES took loans without any accural interest.
He further highlighted that Hyderabad and surrounding districts are major hubs for manufacturing for the past five decades, with a predominance of MSME industries. He further added that due to pandemic induced restrictions and disruptions since last year, the MSMEs have been badly affected.
Though the Government of Telangana did not put any restrictions on industrial activities during the recent second wave of the pandemic. Finally, K.T. Rama Rao noted that the restrictions in surrounding states had a major impact on the functioning of the industries in Telangana.
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