THE Madurai District Tiny and Small Scale Industries Association (Maditssia) has called for evolving policy initiatives to redress the grievances of small-scale industries (SSI) and sustain the entrepreneurial spirit in India’s small and medium-sized enterprise sector.
In a statement, Mr K. Ramachandran, President, Maditssia, said that while the introduction of norms for classification of assets as non-performing assets (NPAs) has been done by the Reserve Bank of India to effect speedy recovery, the recent reduction of the period of non-payment of instalments to three months along with more stringent clauses is proving harsh on SSI units.
Though it is said that RBI is bringing in these norms to establish international benchmarks, the disturbing factor is that the SSI sector is denied a level playing field, according to Mr K. Ramachandran.
