Kerala floods: KMPA estimates losses of nearly $87 Billions

Kerala floods

In a press conference held at Kochi, Kerala Master Printers Association (KMPA) estimated 87 billion dollars as the current losses for the printers with the long-term losses expected to go up to 233 Billion Dollars!

According to a leading daily, O Venugopal, vice president, All India Federation of Master Printers (AIFMP) said, “A majority of the printing presses located in Aluva, Chalakudy, Perumbavoor, Cheranalloor, Eloor, and Udyogamandal suffered damage. Apart from it printing presses in Kozhikode, Pathanamthitta, and Alappuzha also were inundated. Damage to machinery and facilities come to Rs 150 crores. Considering the loss of business, the total loss will rise up to Rs 400 crores.”

“Since the majority of these printing presses were using foreign-made machines, it will not be cheap to repair them. And most of the printing machines were bought on loans. “These machines are worth crores of rupees and a majority of the presses were purchased on bank loans,” he added.

According to KMPA’s initial report, around 75 big and small printing units have been severely affected by the floods. The association appealed to the Government for moratorium and assistance in bank loans.

The debt will mount up as it will take nearly six months to repair and restart operations. It will be of great help if the government announces some financial aid or interest-free loans now. A majority of the printing presses don’t have insurance cover to claim compensation”, said R Gopakumar, president of Kerala Master Printers Association.

Meanwhile, KMPA has announced an exclusive seminar on general insurance to be held on 24 September 2018 to help printers be better prepared in case of floods and similar calamities. K A Somasekharan, director, Inditrade Capital will be the speaker.


source: PrintWeek India

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