Texpreneurs federation welcomes Centre's measures to help stressed sectors

ECLGS with 100 per cent guaranteed collateral-free credit at 'capped interest rates' to entities in the 26 stressed sectors will help medium-sized companies, Convenor, Prabhu Dhamodharan said.

Published: 12th November 2020 06:14 PM  |   Last Updated: 12th November 2020 06:14 PM   |  A+A A-

Finance Minister Nirmala Sitharaman (Photo| PTI)

Finance Minister Nirmala Sitharaman (Photo| PTI)

By PTI

COIMBATORE: Indian Texpreneurs Federation (ITF) on Thursday welcomed the measures under Atma Nirbhar Bharat 3.0, stating that these will give further thrust to growth to stressed sectors including the textile industry in the coming months.

Extending Emergency Credit Line Guarantee Scheme (ECLGS) with 100 per cent guaranteed collateral-free credit at 'capped interest rates' to entities in the 26 stressed sectors including textiles with 'no upper ceiling on annual turnover' will help medium-sized companies to utilise the opportunity in improving their business performance, ITF Convenor, Prabhu Dhamodharan said.

ECLGS helped MSMEs in resolving the liquidity issues and now with this announcement, by Finance Minister, Nirmala Seetharaman, other companies with large employment also will benefit, he said in a statement here.

To incentivise new employment, the new scheme of 24 per cent EPF contribution from government to companies engaging up to 1,000 workers will help maximum number of companies in textile and apparel sector, Prabhu Dhamodharan said.

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