AIEMA seeks special fund from Centre for flood-hit businesses

Trade grouping Ambattur Industrial Estate Manufacturers' Association has urged the Centre to allocate special corpous fund for the MSME entities who are facing crisis in the wake of the recent devastating floods.
Ambattur is home for several entrepreneurs was one of the worst affected areas hit by heavy rainfall and floods last month.
According to AIEMA, businesses suffer a loss of around Rs 1,000 crore during the floods, and many workers at the units left for their hometowns.
"We request the Centre to allocate a special corpus fund ...At low interest rate payable over five years...," AIEMA said.
AIEMA has wrote a letter to Union Commerce and Industries Minister Nirmala Sitharaman, MSME Minister Kalraj Mishra and to Chief Minister J Jayalalithaa.

"We seek loans to assist the unit owners to salvage the marooned machines wherever restoration is advisable or else buy new machines," he 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.
"We do not know when we can restart operations. Almost Rs 1,000 crore of business has been affected. Another problem we are facing is the lack of employees as most of them have left for their hometowns. So even if we plan to start operations, we need to recruit again," he said.