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Small scale industries should be strengthened, urges KTR
Minister for Urban Industries and IT Minister KT Rama Rao urged RBI governor Urjit Patel to strengthen the micro and small scale industries, requesting the central government to support them all.
Minister for Urban Industries and IT Minister KT Rama Rao urged RBI governor Urjit Patel to strengthen the micro and small scale industries, requesting the central government to support them all.
KTR met Urijit Patel at the RBI headquarters in Mumbai. Speaking on the occasion, he said that small industries in India's economy are very important as they produce 45 percent of the output, 40 percent of exports and employment for lakhs of people.
Small scale industries are not able to cooperate with the banks and financial institutions, and in many cases the small industries are declared a null and auctioned. RBI's Technological Violence Study to Recognize Small Industry as Negative Assets said that banks are violating guidelines for a 17-month period. In a town in Jammikunta, a government bank identified the small industry as an NPA and has bidding in 15 days.
In Telangana, there are 8,618 kollam industries and they are setting up special treatment centers for renewal, with a Rs 100 crore corpus fund. They requested treatment centers as a separate financial institution.
As part of Mumbai's tour, KTR met with ICICI Bank CEO Chandamkachar where he held discussions on the restoration of small industries in Telangana, discussing the management of digital and industrial activities for women entrepreneurs. He also met with IDBI chairman MK Jain and asked to restore Sirpuragaznagar paper mill. To take the initiative as lead bank, the state government will cooperate.
JSW Group CMD Sajjan Jindal has been asked to invest in the drugs in Telangana. Speaking on this occasion, Jindal said that the vision of the Minister on the development of Telangana is to be appreciated further stating that such commitment, ideas and other politicians will reach the high peaks of the country.
Addressing the global investors' conference in Mumbai, he addressed a three-day Telangana tour and met with many industrialists on this occasion.
KTR said, "Like the company of the Commerce Industry, we are working hard to mobilize investments in the state with firmness and integrity. The industrial policy that they created is ideal for all countries. We are pursuing versatile goals, such as welfare, development and equity."
