Southern India Mills’ Association (SIMA) organized a meeting of textile mills owners to discuss the current scenario of the textile sector, the remedial measures required and ways to overcome financial crisis. Textile mill owners want to ensure higher finance availability to the units, as some are at the verge of becoming Non-Performing Assets. It was also suggested that banks should give long-term loans to refinance the existing loans and have financial instruments such as two-three year revolving bonds for core working capital needs of the mills.
T. Rajkumar, Chairman of SIMA said that the Union Budget and Foreign Trade Policy have not provided any support to the textile and clothing sector and disbursement of subsidy under the Technology Upgradation Fund Scheme (TUFS) is pending for many units.
