The Tiruppur Exporters' Association (TEA) has urged an additional 20 per cent loan support for the labor intensive MSME driven garment industries under the Emergency Credit Line Guarantee Scheme (ECLGS). This loan support will help MSMEs that make up majority of RMG industry and are currently facing liquidity crisis, owning to a surge in inputs costs, says Raja Shanmugam, President. The ongoing economic crisis in Sri Lanka can boost India’s textile exports if the government resolves current problems facing the industry, adds Shanmugham.
The surge in cotton and yarn prices places the Indian textile industry in a disadvantageous position. A level playing field by lifting the import duty on cotton enables it to double turnover from the Tiruppur industry by 2024.
