TIRUPATI: Tirupati MP Dr M Gurumoorthy on Saturday wrote to Union Finance Minister Nirmala Sitharaman urging her to extend the moratorium on bank loans to the hospitality industry due to the imminent crisis posed by the third wave and triggered by the highly transmissible Omicron variant.
Dr Gurumoorthy, in his letter to the FM, said due to Covid spread the economic activity has slowed down across all businesses and wanted to know if the government and the Reserve Bank of India (RBI) are planning to announce a moratorium on the bank loans.
Pointing out that the booming hospitality industry in the temple town of Tirupati had already once been impacted by Covid spread, he said: “Hoteliers, travel agents, and taxi operators are all staring at huge losses. Against this backdrop, I urge the concerned authorities to come to the rescue of the businesses...”