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Ministry declares relief package for Surat textile units
26 Dec '06
1 min read
Relief package of Rs77 crore has been declared by the Union Textile Ministry with interest subsidy of Rs21 crore on capitals for flood-hit textile industry of Surat.
The moratorium period of loans taken under Technology Upgradation Fund Scheme is suspended by the Ministry for additional two years. And these loans will not be treated as non performing assets in case of non payment up to six quarters.
More than 2 lakh people are expected to benefit from this package. Working capital loan of Rs37,500 will be provided to textile units at lower interest rate of 5 percent.
The assistance provided by the Government to textile units will range from Rs6,000 per loom to Rs1.5lakh for processing and special finishing machine.
According to estimates, loss to machinery was about Rs85 crore and production loss was of Rs700 crore.
The moratorium period of loans taken under Technology Upgradation Fund Scheme is suspended by the Ministry for additional two years. And these loans will not be treated as non performing assets in case of non payment up to six quarters.
More than 2 lakh people are expected to benefit from this package. Working capital loan of Rs37,500 will be provided to textile units at lower interest rate of 5 percent.
The assistance provided by the Government to textile units will range from Rs6,000 per loom to Rs1.5lakh for processing and special finishing machine.
According to estimates, loss to machinery was about Rs85 crore and production loss was of Rs700 crore.
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