New Delhi Dec 26 (KNN) Trade grouping Ambattur Industrial Estate Manufacturers' Association (AIEMA) has urged the central Government to release special corpus fund for the micro, small and medium enterprise (MSME) entities who are facing crisis in the wake of the recent massive floods.

Ambattur, home for several entrepreneurs, was one of the worst affected areas hit by heavy rainfall and floods last month in Tamil Nadu. Businesses suffered a loss of around `1,000 crore during the floods, and many workers at the units left for their hometowns, According to AIEMA.

In a letter to the Union Commerce Minister and Industry minister Niramala Sitharaman, MSME minister Kalraj Mishra and chief Minister of of Tamil Nadu Jayalalithaa, AIEMA requested to the centre to allocate a special corpus fund at low interest rate payable over five years.

“We seek loans to assist the unit owners to salvage the marooned machines wherever restoration is advisable or else buy new machines,” AIEMA said.

The association also appealed the state and the centre that payment of income tax, central excise, service tax, ESI, should be “condoned” for at least six months and no penalty should be levied. (KNN Bureau)