Goa minister urges relief measure for tourism businesses

 Saturday, July 10, 2021 


Goa’s Minister of Ports and Strong Waste Administration Michael Lobo asked for the reduction of Goa’s tourism companies regarding paying loans and that no account could be declared as a non-performing asset (NPA) in the ongoing second wave of the pandemic.

Lobo, who represents the Calangute constituency, which is considered the epicenter of Goa’s tourism trade, mentioned that he had written to the Union finance minister and the prime minister on behalf of seashore shack and restaurant house owners, taxi operators, automotive and bike rental operators and different tourism companies, who are not in a position to pay their installments till their companies can start again.

To quote Lobo, “I even have an enterprise and I get calls from banks from which I’ve taken loans. A supervisor of a financial institution instructed me yesterday that if I don’t pay my mortgage instalment, it will likely be declared NPA. As soon as it’s declared an NPA then the method of restoration is initiated.”

“I’m writing to our authorities, to the Prime Minister and the Finance Minister that the RBI ought to subject a round to all nationalised banks that no account needs to be declared as an NPA in the course of the second wave of the pandemic,” Lobo mentioned.

Goa’s tourism sector contributes significantly for the state with the trade contributing 16.43% toward the state Gross Home Product (GDP) providing employment to nearly 35% of the state’s inhabitants.

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