Tiruppur exporters demand ECLGS 5.0 for garment sector


Tiruppur exporters demand ECLGS 5.0 for garment sector

Tiruppur, June 8 (KNN) The Tiruppur Exporters Association (TEA) has requested the central government to announce the Emergency Credit Line Guarantee Scheme (ECLGS) 5.0 for the garment sector which has been affected by a number of factors such as rising cotton yarn prices, geopolitical tensions, rising interest rates. etc

TEA Chairman Raja M Shanmugham appealed to Union Finance Minister Nirmala Sitharaman, highlighting the crisis facing the garment sector and urged her to announce the ECLGS 5.0.

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Addressing the 50 basis point increase in the policy rate to 4.90%, Shanmugham said the central bank had taken the decision primarily to ensure inflation remained within target, while supporting the growth.

However, expressing his apprehension, he said the increase in interest rates by banks will have further impact on the livelihood of MSMEs in the Tiruppur cluster.

He also highlighted the protection of hundreds of thousands of jobs associated with MSMEs, 65% of which are female workers from rural areas.

TEA requested immediate intervention to resolve the liquidity crunch issue and bring Tirupur’s value-added knitted apparel business back to normal business mode, gain confidence and sustain the business. (KNN office)

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