“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
Textiles | On 18th Nov 2018
PrimaLoft, a leader in advanced material technology, has unveiled...
Fashion | On 18th Nov 2018
Higher sales and earnings were recorded at Macy’s, one of the premier ...
Apparel/Garments | On 18th Nov 2018
Amazon is setting up two new headquarters, one in New York City and...
Navigating through catalogues is a bit hasslesome
We have broad range of options in durable fabrics
It will take some time for the people to change their buying choices
Established in 1956 with a small beginning, Embee today manufactures a...
Idealin Fogging Systems has been engaged in designing and manufacturing...
Turkey-based Temsan Air Engineering is one of the leading manufacturers of ...
Sensoria is a leading developer of smart garments and IoMe (Internet of...
Broadcast Wearables Pvt Ltd
Hyderabad-based Broadcast Wearables has come up with the country's first...
It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...
Yash P. Kotak
Bombay Hemp Company
One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...
"Now we can see the Russian trend in international fashion. And Russian...
She grew up in the walled city of Old Delhi, completed her studies, and...