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FICCI President appreciates minister's announcements on TUFS

06 Aug '09

1 min read

Expressing satisfaction over announcement made by Thiru Dayanidhi Maran, Minister of Textiles for releasing Rs 2546 crore subsidy under TUFS, FICCI President, Mr Harsh Pati Singhania said “The release of this amount of subsidy under TUFS is indeed significant and would greatly help the Indian textile industry at a time when industry is finding it difficult to procure credit for its working capital needs."

Many textile companies have reported that they are finding it difficult to procure credit from banks as banks are still reluctant to lend to textile companies in the wake of losses suffered by them in the last few months due to weak global demand.

Mr Singhania also hailed the announcement by the Minister for setting-up of Working Group on National Fibre Policy under the chairmanship of Secretary- Textiles. Mr Singhania said that adequate availability of fibre, both cotton and man-made, is essential for the envisioned growth and investment in Indian textiles and clothing industry in the long term.

He also appreciated Minister's decision to involve stakeholders from private sector and user industry in the Working Group which should provide long-term vision and structured policy approach for the fibre sector in the country.

Federation of Indian Chambers of Commerce and Industry

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