Cyclone Michaung Causes Massive Rs 11,000 Crore Loss In Tamil Nadu

(MENAFN- KNN India) Chennai, Dec 11 (KNN)
Tamil Nadu has suffered an estimated loss of over Rs 11,000 crore due to Cyclone Michaung, according to Association of Indian Entrepreneurs (AIE).

The maximum loss was expected in
Kanchipuram, Tiruvallur, Chennai and Chengalpattu districts, which account for more than 3.5 lakh industries, AIE president
K E Raghunathan said.

An estimated 25 lakh persons based in the four districts have faced the economic brunt due to the cyclone, Raghunathan reportedly said, adding that they include those involved in the MSME sector, along with those working as
street vendors, gig workers, auto and taxi drivers, daily wage earners, contractors, perishable goods sellers and traders.

Raghunathan appealed to the government to cancel property tax, metro water and sewerage taxes in the four districts for three months, and direct the state-run Tamil Nadu Industrial Investment Corporation (TICC) to grant loans at concessional interest for refurbishment and repair of rain-affected machinery, reported ET.

The Chennai-based MSME body stated that the Tamil Nadu government should also appeal to RBI to offer three months moratorium on term loans for businesses affected in the Kanchipuram, Tiruvallur, Chennai and Chengalpattu districts.

The cyclone triggered torrential rainfall in several parts of Tamil Nadu since December 5.

(KNN Bureau)


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