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Textile industry thanks Ministry for change in credit scheme

Coimbatore, Aug 2 (PTI) The Indian Texpreneurs Federation (ITF), a textile industry body, on Sunday thanked the Finance Ministry for increasing the annual turnover ceiling of companies to take loans under the Emergency Credit Line Guarantee Scheme (ECLGS).

The Ministry had raised the ceiling to Rs 250 crore from the present Rs 100 crore. “With this calibrated intervention, many of the medium-sized units in the textile sector will get the much-needed liquidity support,” ITF convenor Prabhu Dhamodharan said in a statement here.

Being a capital-intensive industry, many of the spinning sector companies would be covered under the scheme, he said. ITF had appealed for this much-needed change in the scheme last month, Prabhu said.

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