Kerala State Small Industries Association to protest against RBI interest rate hike

THIRUVANANTHAPURAM: The General Council meeting of the Kerala State Small Industries Association will be organising a march and dharna before the Reserve Bank of India here with the aim to display their protest against the interest rate surge and also other numerous issues on November 22.

Mr VS Achuthanandan, opposition leader, will be inaugurating the dharna.

Mr VKC Mammed Koya, State President of the Kerala State Small Industries Association, has stated that the intermittent surge in the interest rates by the RBI has impacted the profitability of numerous micro and small enterprises in the state. There are also threat of closure that is looming over the numerous SSI units.

The contributions of the micro and small enterprises to the GDP, the share of this sector in India's exports and to top it all offering employment opportunities by MSEs, is significant. The rise in interest rate will be having small affect on the big companies as their exposure to debt is minimal. They have got huge equity base and have ample cash reserves.

Mr VKC Mammed Koya has stated that it is the micro and small enterprises that have been witnessing problem.