Credit guarantee scheme extension welcomed
The continuation of the Emergency Credit Line Guarantee Scheme (ECLGS) has been positively received by industry leaders. Ravi Sam highlighted its importance for the textile sector during a meeting with the Union Finance Minister. He also called for the removal of the 11% duty on cotton to support industry competitiveness.
- ▪Ravi Sam welcomed the extension of the Emergency Credit Line Guarantee Scheme (ECLGS).
- ▪He emphasized the scheme's role in supporting the textile sector and safeguarding employment.
- ▪Sam urged for the removal of the 11% duty on cotton to stabilize raw material costs.
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Ravi Sam, vice-chairman of the Cotton Textiles Export Promotion Council, and chairman of the Southern India Textile Research Association, has welcomed the continuation of the Emergency Credit Line Guarantee Scheme (ECLGS) and the announcement of ECLGS 5.0.During his recent meeting with the Union Finance Minister, Mr. Ravi Sam emphasised the importance of these measures in providing critical support to the textile sector, enabling businesses to sustain operations and safeguard employment in challenging times.He also appealed for the removal of the 11% duty on cotton, at least until the beginning of the new cotton season in October this year.
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