Home / Knowledge / News / Textiles / SIMA thanks Tamil Nadu CM for supporting textile sector
SIMA thanks Tamil Nadu CM for supporting textile sector
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and garments which had been drastically reduced and 4% interest subvention extended on export credit which had been withdrawn with effect from 1st October 2008 to make the industry globally competitive and considering the huge incentives offered by the competing countries like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

Textiles | On 24th Oct 2016

Baba Ramdev’s Patanjali to enter textile manufacturing

Patanjali Ayurved, an enterprise initiated by yoga guru Baba Ramdev,...

Textiles | On 24th Oct 2016

German technology to help in energy saving in textiles

German technology can play a major role making the environment...

Courtesy: Trupik

Apparel/Garments | On 24th Oct 2016

Virtual 3D fitting rooms revolutionising online shopping

Virtual fitting rooms meant to bridge the gap between e-commerce...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Veronique Lee

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Suresh Patel
Sidwin Fabric

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

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search