India’s embattled textiles industry has got a breather as the finance ministry has agreed to a one-year moratorium on repayment of term loans under the Technological Upgradation Fund Scheme (TUFS), a senior official said today.
“The good news is that the Department of Financial Services and Finance Secretary have agreed for loosening of the criteria (repayment of loan)... they have agreed for at least a one-year moratorium...,” Textiles Secretary Rita Menon said at a Northern India Textile Mills’ Association (NITMA) meet organised by PHD Chamber.
She said the textile ministry wanted the moratorium on repayment of term loans for two years. However, another senior textile ministry official said the moratorium would be implemented on a case-to-case basis.
Under TUFS, assistance is given to different segments of the textile industry to overcome technological obsolescence.
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