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SIMA seeks Rs 5000 cr from FM for TUFS
Mar '16
Southern India Mills' Association (SIMA) Chairman M Senthilkumar has appealed to Finance Minister Arun Jaitley to allocate adequate funds for clearing TUFS subsidy backlog since September 2014.

According to a SIMA press release, Senthilkumar said in his appeal that with the subsidy pending for more than one and half years, the working capital of the spinning mills has been totally eroded and most of them are incurring cash losses due to a glut in the market.

The SIMA chief pointed out that Union Budget 2016-17 has allocated only Rs 1480 crores for TUFS as against the actual requirement of around Rs 7000 crores. He appealed to the Finance Minister to allocate the balance fund of around Rs.5500 crores to meet the liabilities of backlog period and also to meet the liabilities up to March 31, 2017.

Senthilkumar pointed out that several hundreds of textile units are likely to become NPAs as the TUFS subsidy has not been released on time.

He has appealed to the Finance Minister to allocate the required funds immediately to prevent the textile units becoming NPAs. (SH)

Fibre2Fashion News Desk – India

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