Home / Knowledge / News / Textiles / SIMA thanks Tamil Nadu CM for supporting textile sector
SIMA thanks Tamil Nadu CM for supporting textile sector
31
Oct '08
The Southern India Mills' Association (SIMA) representing the organised textile industry in South India made an appeal to the Chief Minister of Tamil Nadu to take up the cause of the textile industry with the Prime Minister and announce two major reliefs immediately to sustain its survival in the globalised environment.

Since majority of the textile mills have incurred heavy cash loss, they are not in a position to repay the loans to the banks during the current year and the situation is likely to continue for few more years due to acute power shortage faced by the State in addition to steep hike in raw material cost, bank interest rate, transportation cost, etc.

Therefore, SIMA had appealed to the Chief Minister and the Prime Minister to provide two year moratorium period for repayment of loans availed from banks by the textile units.

The Association had also made a representation to restore export incentives i.e. duty drawback rates for yarn, fabrics, made-ups and garments which had been drastically reduced and 4% interest subvention extended on export credit which had been withdrawn with effect from 1st October 2008 to make the industry globally competitive and considering the huge incentives offered by the competing countries like Pakistan and China.

Pakistan has also extended two year moratorium period for repayment of loans and interest for the textile industry due to ongoing global recession. Indian Government has also provided two year moratorium for repayment of loans and interest and interest subvention facilities for the sugar industry to tide over the crisis.

Dr. Srinivasan, Chairman, SIMA, has profusely thanked the Chief Minister for positively responding to the appeal made by the Association and writing a D.O. letter to the Prime Minister requesting him to provide two-year moratorium period for repayment of loans and restore export incentives and interest subvention for export credits of the textile industry.

He has added that the proposed reliefs would greatly benefit the textile industry in Tamil Nadu which accounts for 47% of the country's spindle age and generating over Rs.30,000 crores in exports annually.

Southern India Mills' Association


Must ReadView All

Apparel/Garments | On 23rd Sep 2017

AAFA urges negotiators to preserve TPLs in NAFTA

The American Apparel & Footwear Association (AAFA), an alliance of...

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

PKR 690.65-mn budget for Pakistan Cotton Committee

The Pakistan Central Cotton Committee (PCCC) recently approved a PKR...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search