Tirupur Exporters Association seeks financial relief
The Tirupur Exporters Association (TEA) has reached out to Nirmala Sitharaman, Union Finance Minister, for financial measures, like schemes and extensions, to help the apparel industry escape its current crisis state.
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.
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