Financial Daily from THE HINDU group of publications
Wednesday, Jul 23, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jul 23, 2003 |
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Industry & Economy
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SSI Plea to help SSI sector Our Bureau
Visakhapatnam , July 22 THE Federation of Andhra Pradesh Industries (FAPI) has urged the Union Government and the Reserve Bank of India to pave the way for revival of several sick small-scale units by reducing the debt burden on them. At a press meet here, Mr. B.V Rama Rao, President of FAPI, said that in the regime of falling interest rates, it was unfair to expect SSIs to pay back their debts incurred in the past at higher interest rates and a package should be prepared specifically for them reducing the rates. "It would improve the bottomline of the banks, as they can reduce the NPAs. Besides, several units can be revived,'' he said. Mr Rama Rao said the SSI sector, like the agriculture sector, needed a helping hand from the Government, as it would generate employment. The State Government should also decrease the power tariff for SSIs, which currently was quite crippling. The bigger units could set up captive power generation facilities, but the smaller ones had no choice, he said. He said FAPI would arrange two meetings next month - one at Rajahmundry on August 18 and the other here on August 22 - to discuss the problems of SSIs in the coastal districts.
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