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 Industry & Economy - SSI


`Cut lending rates for small sector'

Our Correspondent

Madurai , June 13

THE Tirunelveli District Small and Tiny Industries Association had urged the Union Finance Minister, Mr P. Chidambaram, to fix the lending rates for the small-scale sector at 8 per cent.

According to Mr DSM Jayarajan, President, NELSTIA, as the interest rates for deposits have been brought down, the lending rates for the small-scale sector should be fixed at 8 per cent. It is an irony that interest rate is kept at 7.25 per cent for a non-productive activity like housing and the small scale sector, accounting for more than 40 per cent of employment and 35 per cent in exports, is charged at a minimum of 11 per cent.

Attachment of properties should be restricted to properties created by the financial assistance.

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