Surat: While the ongoing war in the Middle East has entered its seventh week, the small industrialists and businessmen from the micro, small and medium scale sectors across the country are highly affected. Considering the plight of the entrepreneurs, the Confederation of All India Traders (CAIT) has made representations to the Central Government to announce necessary financial relief for such industrialists.
CAIT Gujarat Chairman Pramod Bhagat said that exporters in India and Gujarat have been facing severe challenges such as the increase in freight charges, insurance cost, delay in shipments, change in routes, and uncertainty in payment cycle, which are affecting their global competitiveness. The ongoing war has not only cast a dark shadow on the production of goods, but has posed many challenges when it comes to exports and imports.
Their rising costs, pressure on working capital, disruption in supply chains, falling profits and increasing debt burden, especially in the MSME sector, have raised serious concerns among business and industry.
In view of this scenario, the business leaders urged the government to provide additional time and relief to MSMEs and small businesses in loan repayments, a special credit guarantee scheme for affected sectors, interest subsidy for severely affected industries, continuous monitoring and stabilization of fuel and raw material prices, and freight, insurance assistance and immediate refunds to exporters so that they do not face any inconvenience in their business.
They also suggested the formation of a West Asia Impact Assessment and Response Task Force comprising relevant ministries, EPCs, trade associations and experts, which would continuously assess the situation and take timely policy decisions.
CAIT has urged the Centre to announce relief measures including interest subsidy, loan repayment relief to SGIs.
