Chennai: The textile industry of Tamil Nadu has sought export incentives and additional credit support in the budget for 2023-24 of the Union government to be presented in Parliament on February 1.
The Tiruppur textile industry which is the pioneer for exporting of textiles from Tamil Nadu and for that matter from South India has sought for credit support to the micro, medium and small scale units (MSME). The industry has sought credit support under the Emergency Credit Line Guarantee Scheme (ECLGS).
The exporters said that the economic slowdown and the uncertainty in the European market following the Ukraine war have led to a predicament for the industry which has been controlling the European market in the knitwear section.
K.M. Subramanian, President of Tiruppur Exporter’s Association (TEA) in a statement said, “A 5 per cent interest subsidy on export credit is required for MSME and non-MSME manufacturers. It is to be noted that the buyers are delaying payment globally citing several issues.”