Contact us on +022 2419 3000 or indiantextilejournal.com.

Tiruppur garment units request financial support

Jun 14, 2021
Tiruppur garment units request financial support

Coimbatore

The garment manufacturers in Tiruppur and the Micro, Small and Medium-scale Enterprises (MSMEs) in Coimbatore have appealed to the Tamil Nadu government for financial support as the units are shut for a month due to lockdown.

Raja M Shanmugham, President, Tiruppur Exporters’ Association, said that the State government should permit the exporters to work with available labourers and restart production and also ensure that the industry is able to vaccinate all the workers. Shanmugham also sought 10 % additional credit assistance of up to 10 % of the outstanding as on February 29, 2020 to MSME borrowers covered under ECLGS 1.0 without any precondition for restructuring of the account. He added that the government should announce RoDTEP rates immediately and extend the interest equalisation scheme for three more years.

The job working powerloom units in Tiruppur district have sought waiver of loans given to the weavers. According to M V Ramesh Babu, President, Coimbatore District Small Industries Association, the MSMEs are under complete lockdown for four weeks and the units are unable to resume normal operations. Hence, the government should extend the moratorium for one more year for both term loan repayment and interest. The government should come out with a fresh financial stimulus package and relax norms for submission of stock and book debts statements, documents, etc

Source: TheHindu

Image Source: Google Images

Also Read:

https://indiantextilejournal.com/latest-textile-industry-news/stoll-and-desma-offer-new-shoe-production-solution

https://indiantextilejournal.com/latest-textile-industry-news/credit-availed-by-indian-textile-firms-decline-20--