Gujarat's SGTPA Seeks Concession On Loan Interest

The South Gujarat Textile Processing Association (SGTPA) recently urged the Indian government to offer concession on interest of loans during the lockdown period because of the crisis faced by the textile industry in Surat. Minister of state for Finance Anurag Thakur spoke to the association to know about the problems the industry is facing.

The moratorium of loans and interest should be minimum 6 months to a year based on the condition of the unit, there should be a concession of 3 per cent in the rate of interest till the industry recovers and the refunds of goods and services tax and capital subsidy should be done at the earliest, former association president Pramod Choudhary was quoted as saying by a newspaper.

Import duty on textile goods should be increased to promote ‘Make in India’ and loans to new projects must be given priority, he said.

As the labour force in the industry comprises mostly migrants, so industries should be started even within the municipal limits where there are no coronavirus hotspots, Choudhary added.