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Tirupur Exporters Association seeks financial relief

Apr 20, 2021
 Tirupur Exporters Association seeks financial relief

Coimbatore, Tamil Nadu

The Tirupur Exporters Association (TEA) has appealed to Nirmala Sitharaman, Union Finance Minister, on Friday, to get financial relief measures for the current state of the apparel industry. TEA has requested the extension of the Emergency Credit Line Guarantee Scheme (ECLGS) to help tackle the current situation.

It is to be noted that the government extended its ECLGS 3.0 scheme to the hospitality and tourism sector in February and has provided 40% credit outstanding to this industry. Raja M Shanmugham, President of TEA, has written to the Union Finance Minister to extend this scheme to the apparel industry too.

In the letter, he has mentioned that the disruption in the global markets, the rise of yarn prices, and the two-month closure and the partial utilization of the textile mills have all impacted the garment industry.

Raja M Shanmugham requested the government to extend the Interest Equalisation Scheme for at least 2 more years to enhance global market competitiveness.