Govt grants Rs 268 crore to textile processing industry

Chief Minister M.K. Stalin has allotted Rs 268 cr for the development of textile processing sector.
In this regard, Erode All Textile Processing Association President A. Murugesan, Secretary S. Palaniswami, Tiruppur Dyeing Mill Owners Association President P. Kantirajan, Treasurer P.A. Matheswaran, Secretary Murugasamy, Namakkal Dyeing Mills Association Secretary V. Krishnaraj, met him at the secretariat and  thanked him for allocating Rs 268 crore as capital grant to the industry.
Ministers Muthusamy, M.P. Swaminathan, R. Gandhi, TRB  Raja, Chief Secretary N. Muruganandam. Handloom Secretary V. Amudhavali, Textiles Department Director R. Lalitha and government officials were present on the occasion.
Murugesan said:
Under this scheme, the government will provide 25 percent or a maximum of Rs 5 crore as capital subsidy for setting up new processing mills. A maximum subsidy of Rs 4 crore will be provided for the expansion and modernization of existing mills. A monitoring committee has been formed by the government to visit the mills in person. The government will also provide 25 percent subsidy up to a maximum of Rs 15 lakh for the inspection fee of the committee.
This fund has been allocated for five years. However, if a large number of applications are received in the current year, this fund will be spent in full.
The government has said that additional funds will be allocated.