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09 Aug 2020, Edition - 1853, Sunday

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Coimbatore

Textile body thanks FM for increasing ceiling to avail loan under ECLGS

Covai Post Network

Coimbatore : Indian Texpreneurs Federation (ITF), a major textile industry body on Sunday thanked the finance ministry for increasing
the annual turnover ceiling of companies that could avail loans under the Emergency Credit Line Guarantee Scheme (ECLGS) to Rs.250 crore from the present Rs.100 crore with outstanding loans up to ₹50 crore.

With this calibrated intervention, many of medium sized units in textile sector will get much needed liquidity support,+ ITF convenor, Prabhu Dhamodharan said in a statement here.

Being a capital intensive industry, many of the spinning sector companies will be covered under the ECLGS scheme, he said.

ITF had appealed for this much needed change in the scheme last month, Prabhu added

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