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

World economic growth to revive this year: G-20

Textiles | On 19th Apr 2019

World economic growth to revive this year: G-20

The G-20 recently said world economic growth sputtered late last year ...

Pic: HRW

Apparel/Garments | On 19th Apr 2019

FLA goes for public disclose of supplier lists

Amidst requests from trade unions, and independent labour rights and...

Pic: Walmart

Retail | On 19th Apr 2019

Walmart adds thousands of robots to its stores

Walmart recently announced adding thousands of robots to its stores....

Interviews View All

Top executives, Textile & apparel bodies

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Amit Jain, Shingora Textiles Ltd

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

C. Dhandayuthapani, Mag Solvics Pvt. Ltd

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

C Dhandayuthapani,

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Karen Lou,

Karen Lou

Australia-based Sunseeker has been creating swimwear since 1970. Sunseeker ...

Kerem Durdag, Biovation II LLC

Kerem Durdag
Biovation II LLC

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

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

Judy Frater, Somaiya Kala Vidya

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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


April 2019

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

news category


Related Categories:

Advanced Search