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Rahul Gandhi slams centre, says it’s ‘criminal’ not to support MSMEs

Updated: Jun 03, 2020 07:43:52am
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Rahul Gandhi slams centre, says it’s ‘criminal’ not to support MSMEs

New Delhi, Jun 3 (KNN) Reacting over the All India Manufacturers Organisation (AIMO) survey’s report which revealed that one third of the Micro Small and Medium Enterprises (MSMEs) in India are closing down permanently, the Congress leader Rahul Gandhi said it would be criminal not to support them with cash.

Taking to micro-blogging site twitter, on Tuesday, Gandhi said, ''11 crore Indian’s are employed by MSMEs. 1/3 of them are closing down permanently. It’s criminal for GOI not to give them cash support immediately.''

In another tweet, slamming the Prime Minister Narendra Modi, Gandhi said that the worst is yet to come.

''Moody’s has rated Modi’s handling of India’s economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come,” he tweeted.

Around 35% of MSME’s have shutting down their operations despite the financial packages announced by the Government of India, said a survey by AIMO.

The study reveals that the financial stimulus announced by the centre doesn't qualify start-ups, which account for over 11 per cent of the MSMEs in the country.

The results have been compiled from 46,525 responses that AIMO collected from all around the country across multiple industry segments including self-employed, corporate CEOs, MSME owners, employees and experts.

''The most striking aspect was that 35% of MSMEs and 41% of the self-employed respondents said that they see no chance of recovery in their business and have begun shutting down their operations, said K E Raghunathan, Immediate Past President, AIMO.

''To put this in perspective, India has over 65 million MSME’s employing over 150 million people and over 130 million people are self-employed. This kind of Mass Destruction of Business has not been witnessed since our Independence,'' he added.

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