Home / Knowledge / News / Textiles / TEXPROCIL welcomes package for MSME sector

TEXPROCIL welcomes package for MSME sector

09
Nov '18
The Cotton Textiles Export Promotion Council (TEXPROCIL) has welcomed the MSME support programme recently announced by Prime Minister Narendra Modi to revive the sector. Twelve new programmes have been announced. Interest subvention on pre-shipment and post-shipment finance for exports by MSMEs has been increased from 3 per cent to 5 per cent.

“These measures will provide a much-needed support and encouragement to the MSME sector which contributes significantly to the textiles exports,” said TEXPROCIL chairman Ujwal Lahoti.

Under the package, GST-registered MSMEs will get 2 per cent interest rebate on incremental loan up to ₹1 crore. A web portal has been launched through which MSMEs can avail of loans up to ₹1 crore. The portal will enable principal approval of loans up to ₹1 crore for MSMEs from Small Industries Development Bank of India (SIDBI) and 5 Public Sector Banks (PSBs) – State Bank of India, Bank of Baroda, Punjab National Bank, Vijaya Bank and Indian Bank.

The MSME sector accounts for about 45 per cent of manufacturing output and around 40 per cent of the total exports. “One of the problems being faced by the MSMEs is in getting bank finances. The announcement has certainly come as a huge relief for the MSME sector as majority of them being in the informal sector find it extremely difficult to raise funds for their business activities as credit appraisal is a major challenge,” Lahoti said. (RKS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 15th Jun 2021

Australia, UK agree on broad terms of trade deal

Prime Ministers Scott Morrison and Boris Johnson have agreed in...

Pic: Shutterstock

Textiles | On 15th Jun 2021

Germany passes law on corporate due diligence in rights, environment

The German parliament passed a law last week that warrants large and...

Pic: Azamat Imanaliev / Shutterstock.com

Apparel/Garments | On 15th Jun 2021

Prime Content| Revenue, profits of major garment firms in China rise in Jan-April

Revenue, profits, output, online retail sales and exports of major...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Textile Industry, Head honchos

Textile Industry
Head honchos

Next level is to inject new features:

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchains will be in heavy use by early adopters by 2025

Tony Naschberger,

Tony Naschberger

With production sites in Klagenfurt and Kufstein, Zimmer Austria is a...

Benedetta Terraneo,

Benedetta Terraneo

Miko Srl, a subsidiary of US-based Sage Automotive Interiors and a member...

Sanjay Jhunjhunwalla,

Sanjay Jhunjhunwalla

In the financial hub of eastern India, Kolkata, a humble production...

Giulio Cesareo, Directa Plus

Giulio Cesareo
Directa Plus

UK-based Directa Plus is one of the largest producers and suppliers...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha & Jigar blends India's unique handcrafts...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

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

Leave your Comments


June 2021

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


Advanced Search