Source: Tecoya Trend

By Our Staff Reporter MUMBAI, MAY 30

The Southern India Mills’ Association (SIMA) has appealed to the Union Textile Minister, Mr.Anand Sharma to announce the TUF scheme immediately to enable the industry to go ahead with the planned investments.

Mr. S. Dinakaran, Chairman, SIMA, while thanking the efforts made by the Ministry of Textiles for reviving the textile industry from the grave crisis it faced during 2010-11 on a fast track mode by announcing the debt restructuring package of Rs.35,000 crores and also announcing a basket full of benefits in the Budget 2013-14, has appealed to the Minister to announce the TUF Scheme immediately so that the industry can make investments in modernization and capacity expansion.

SIMA Chief stated that the unstable conditions and various issues in Bangladesh and also a steep increase in the demand from China for cotton yarn and fabrics, has thrown lot of opportunities for the Indian textile industry in the domestic and international markets. He pointed out that the investment has become dormant during the last two years owing to the recession in the industry and now the industry is ready to make investments on a large scale.

Mr. Dinakaran also appealed to the Minister to provide the TUF subsidy for the blackout period (June 29, 2010 to April 27, 2011) during which period over Rs.23,000 crores of investments have happened and it is essential to extend the TUF subsidy to all these units to sustain their financial viability and create a level playing field.  He further appealed to the Minister to allocate necessary funds for all the pending cases under List I and List II categories which have not received the benefit owing to the mistakes made by the respective banks. (Source: Tecoya Trend)