Ludhiana, June 17 (KNN) Micro, Small and Medium (MSME) sector in Punjab has urged the state government to support them in paying back the bank interest on business loans and credit facilities.

“The state government must introduce interest subvention or a waiver scheme for an year at least to provide relief,” said Chamber of Industrial and Commercial Undertakings (CICU) President Upkar Singh Ahuja.

They are seeking the state government’s aid for payment of bank interest on their business loans.

“Given the severe fund crunch being faced by the small-scale industrial units, the state government’s intervention is a must,” he added. 

According to the industrialists, due to a decline in sales on account of the ongoing slump, their profits have taken a big hit while the load of interest payable on their loans remains the same.

Fastener Manufacturers’ Association of India president Narinder Bhamra said, “Due to recession, the sales in every sector have been reduced to 30-40%, which in turn has led to a huge drop in our incomes.”

“While our incomes have reduced, the expenditures remain the same, therefore, we are forced to either borrow money or use our savings. The government should give us some relief in regard to bank interest charges,” he added.  (KNN Bureau)