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Congress MP Manickam Tagore gave an adjournment motion notice in the Lok Sabha on Wednesday to discuss the Micro, Small and Medium Enterprises in Tamil Nadu given the "aggressive actions" taken by private banks for loan repayments.
"To discuss about the critical issue affecting Micro, Small and Medium Enterprises (MSMEs) in Tamil Nadu, particularly concerning the aggressive actions taken by private banks against these businesses in the matter of loan repayments," Tagore said in his notice. The Congress MP said that several MSME units in Tamil Nadu availed loans in 2017 and responsibly repaid them. However, with the onset of the COVID-19 pandemic, the government announced a moratorium to provide relief to businesses, allowing them to defer loan repayments, he added. In response, many MSMEs took additional loans to cope with the economic challenges posed by the pandemic, Tagore said. "But certain private banks are not only merging the outstanding amounts from the earlier loans but are also initiating aggressive actions, including the potential takeover of properties worth significantly more than the outstanding loan amounts," the Congress MP said in his notice. Highlighting an example, Tagore said that one of the private banks is in the process of seizing properties valued at two crores for an outstanding loan amount of 80 lakhs. "This disproportionate response is causing distress among the MSME community, raising serious concerns about the financial stability and survival of these enterprises," Tagore said. The Congress MP proposed to discuss the matter urgently and "issue clear instructions" to private banks to protect the MSME sector in Tamil Nadu. "Therefore. I propose that the House urgently discusses this matter keeping aside other routine business and directs the government to issue clear instructions to private banks. The objective should be to protect the MSME sector in Tamil Nadu," he said. Meanwhile, the Lok Sabha will further discuss the Jammu and Kashmir Reservation (Amendment) Bill, 2023 and the Jammu and Kashmir Reorganisation (Amendment) Bill, 2023 on the third day of the ongoing Winter session of Parliament. Both these Bills were moved in the Lower House on Tuesday by Union Home Minister Amit Shah for consideration and passage. In addition to that, Education Minister Dharmendra Pradhan will move the Central Universities (Amendment) Bill, 2023 in the Lok Sabha to establish a Central Tribal University in Telangana. Moreover, Finance Minister Nirmala Sitharaman will present a statement showing Supplementary Demands for Grants - First Batch for 2023-24 and Demands for Excess Grants for 2020-2021. Union State Minister of Textiles, Darshana Jardosh will pass a motion for the members of the House to elect two members from amongst themselves to serve as members of the National Jute Board. Minister of State for Commerce and Industry Som Parkash will make a statement regarding the status of implementation of the recommendations of the Standing Committee on Commerce on Action Taken by the Government on the recommendations contained in the 172nd Report of the Committee on Promotion and Regulation of E-Commerce in India. Parkash will also make a statement on the status of the implementation of the recommendations contained in the 180th Report of the Standing Committee on Commerce on Demands for Grants (2023-24) about the Department for Promotion of Industry and Internal Trade. Minister of State for the Ministry of Science and Technology Jitendra Singh will make a statement on the recommendations contained in the 375th Report of the Committee on Demands for Grants (2023-2024) pertaining to the Department of Scientific and Industrial Research. (ANI)
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