Coimbatore, Oct 22 (PTI): "Several MSMEs (micro, small and medium enterprises) in the country are in ICU and need oxygen to survive, even as 80 per cent of SMBs (small and mid-size businesses) were insecure about the future following COVID-19," according to Consortium of Indian Associations (CIA).

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The CIA and its 50 partner-SMB associations conducted a survey in June last that covered the plight of over 8,100 self-employed and micro/small businesses (MSEs), said the CIA convenor K E Raghanathan on Friday.

Despite MSEs and self-employed individuals being the backbone of the economy, MSEs have been going through tough times since 2016 and finding it difficult to recover from the shocks of demonetisation, GST, slowdown and the COVID wave, he told reporters here citing the survey findings.

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Considering the situation, the associations wanted the government to adopt a three-pronged approach towards reviving SMEs - Exempt, Protect and Support, he said.

Exempt from statutory compliances, penal actions and litigation for the next two years; Protect them from the high-interest burden, rice wars, high cost of raw materials, and Support by giving liberal loans, clearing off pending dues, offering moratorium with interest waiver and not declaring the NPAs for the next two years, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)