Guru Swarup Srivastava Urges Banks to Understand the Pathetic Situation of the MSMEs

The current pandemic situation has practically shackled our socio-economic existence. One way when social life has been delimited, the economic activities have been stalled at the same time over the past four months. In a webinar arranged by the Corporate Council of Leadership and Awareness, Ravi Events, and in collaboration with the Ministry of MSME, India, the stalwarts of Indian Industry, economic planners, top officials of the Ministry of MSME like Guru Swarup Srivastava, Manish Agarwal, Kishore Khanna, and Ajay Sharma placed their opinions on how to come out of this troubling condition. The pandemic is indeed spreading like a wildfire, the medical fraternity is doing their level best to resist the spread of the virus, and researchers are focused on a valid solution. Since no valid solution is available until now, the Government is not getting the confidence to unlock everything. Still, the wheel of the economy cannot be kept idle for a long time.

Basic business activities need attention

Every distinguished guest present in the webinar supported the view that MSMEs are the backbone of the Indian economy. The MSME sector of India generates maximum jobs and maximum marketable products. Even the big players of every market are directly or indirectly dependent on MSMEs of raw materials and support services. This pandemic and consequent total lockdown have ruined most of the small and medium business enterprises. Thousands of small and medium firms have shut down their operations and millions of employees have lost their jobs. According to Guru Swarup Srivastava, it’s high time that the banks understand the problems of MSMEs of the country. He opines banks should consider the outstanding loans and unpaid EMIs of small business owners. MSMEs of the country are indeed largely dependent on the banking loans but they are not in a position to pay their EMIs right now since there is no business over the past few months.

Challenge lies in turning on the wheel of the economy

No one knows when everything would be the same once again and when people will be able to move anywhere without fastening masks. Turning on the wheel of the economy in this neo-normal condition is a challenge for the concerned authorities and industry leaders. Covid-19 is a highly contagious virus. It necessitates social distancing, sanitization, and masks. Industry leaders like Guru Swarup Srivastava want concerned authorities should help the industries run smoothly. They have also urged the State and Central Governments to reconsider different taxes, charges, and fines to lessen the financial burdens of the companies especially MSMEs.