State

Utkal Chamber of Commerce & Industry Ltd expresses concern over loans to MSMEs- The New Indian Express

By Express News Service

BHUBANESWAR: Industry bodies have expressed concern over the challenges faced by the MSME sector due to non-availability of loans from banks.With the price of most of the metals, petrochemicals and minerals going up abnormally leading to unprecedented cash crunch, the entrepreneurs feared many units might go for closure if the government does not change the guidelines.

The banks are turning down the loan requests of MSMEs citing the credit risk that indicates the Gross Non-Performing Assets ratio of Scheduled Commercial Banks may increase from 6.9 pc in September 2021 to 8.1 pc by September this year under the baseline scenario and to 9.5 pc under a severe stress scenario. Flagging the issues faced by the MSMEs in the State, Utkal Chamber of Commerce & Industry Ltd (UCCIL) has urged the Union government to intervene.

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