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Note ban hits small units hard

Note ban hits small units hard

Hyderabad: Minister for Industries KT Rama Rao on Monday said that demonetisation has affected the small scale industries in the State and the government would seek intervention of RBI to bail them out. Giving reply to a short discussion on TS-IPASS and Ease of Doing Business in the Assembly, he said that after demonetisation the small scale industry had suffered losses. Even big companies which were looking towards TS to set up new units have put their plans on hold and are watching the situation. He said that a textile company which has come forward to establish a big unit in the state was having second thoughts as it was not sure about the situation that would prevail in the next six to nine months. KTR said some textile units in Siricilla were facing losses and the banks were bringing pressure on them to pay the installments. He said that large and medium sector industries were not affected much by the move. The Minister said that the government has decided to seek the intervention of RBI to help the small scale industries. He said that the banks have been announcing the loans taken by the SSI units as NPAs if they fail to pay the installment in 30 days.  He said that RBI would be urged to relax this norm and to give time till six months to pay the installments with a view to demonetisation. He however did not quantify the amount of loss suffered by the small scale industries. He said that the State has come a long way in promoting the industries. It has ensured law and order and has been successful in supplying quality power to the industry. During the previous Congress regime the industrialists used to stage dharnas at Indira Park demanding power supply. Now telangana is being regarded as a model State for making investments. TS-IPASS has been a revolutionary step in promoting industrialisation . So much so that Prime Minister Narendra Modi has advised other states to study the Telangana model. In the past red tape used to bother the industrialists but now they were getting red carpet welcome. Apple, the maker of iPhones and iPads chose Telangana to establish its unit in Hyderabad. The Minister said EODB has been used to boost the image of the State in the world. The government has acquired about 1.50 lakh acres of land for setting up industries. It has taken back about 620 acres from the industrialists who did not utilize the allotted land. The State has mapped the mineral resources available and industries based on minerals would be established in various districts soon.

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