In the fifth of a six-part series, Business Standard visits Coimbatore, often referred to as the Manchester of South India for its promising textile industry, to assess the impact of the note ban.
'There are a lot of companies that have been struggling really hard expecting to do better year after year.' 'All these people will think now, "Let me not fight any more. Let me end this".'
'Where will industry have funds when they open up?'
'Our concern is about today and there is nothing in the Budget for the MSME sector to feel positive right now.'
'Nobody expected the slowdown to go for these many days. Unfortunately, it is an unbelievably bad slow down.'
In less than two months since the announcement in March, the state has mobilised an armada of small and medium enterprises keen on making components for large equipment manufacturers.
'Till now, we were under tremendous stress. The economy was not recovering, the financial cycle was not moving and the banks were not supporting.' 'With the government pumping in money to the banks and asking the NBFCs to give priority to the MSME sector, there will be a revival.'
'We have been telling the government that we need handholding.' So, we sent a series of recommendations to the government, but nothing happened.' 'And the condition of industry became worse.'
So far at least eight incidents of EV fires have been reported in just over a month's time.
'We are in the reverse gear and we are not there anywhere compared to the rest of the world'
Thousands of police personnel have been deployed across the state to maintain law and order.
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