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With just a few more days for the Union budget, industries in Coimbatore and Tiruppur districts have submitted their demands to the government.
The Southern India Mills Association has sought allocation of ₹9,000 crore for the Technology Upgradation Fund Scheme. Of this, nearly ₹6000 crore is needed to meet the committed liabilities under earlier versions of the scheme. Since the industry is on path to recovery, necessary fund allocation and speedy disbursal of the subsidy will not only support the industry but will also help the Indian economy to grow at a faster rate, it said.
It also sought working capital for the mills to buy cotton and creation of a National Textiles Fund. This will help meet the financial needs of textile units for infrastructure creation and technology adoption.