Tirupur knitwear sector seeks Textile Bank

GMT 13:17 2015 Monday ,16 March

Sriyadithatextile - Tirupur knitwear sector seeks Textile Bank

Creation of a ‘Textile Bank,’ a separate policy for man made fibres and polyester, a processing zone for dyeing sector, and direct marketing facilities for power loom weavers, figured in the report submitted by the cluster here to Union Ministry in response to its draft action plan for apparels sector. The suggestions were obtained by the CII (Tirupur district council), and Sripuram Trust (a body of textile sector representatives). The Union Ministry had recently brought out a draft ‘Vision, strategy and action plan’ for textiles and apparels sector. Vision document The Ministry had elicited views to be incorporated in the final vision document. CII (Tirupur district council) chairman Raja Shanmugam told The Hindu that the creation of a Textile Bank, similar on the lines of the recently approved small banks project, would help the sector to get low cost funds for capacity expansion, and value-addition. Credit The cluster want the Ministry to have a mechanism by which assured institutional credit linkage facilities are made available with all the textile park projects. “If a textile park project is linked to certain banks as in the case of residential building projects, it will be easy for entrepreneurs to open their units immediately after the allocation of space,” Mr. Shanmugam said. A significant suggestion that came from the entrepreneurs here was the need for a separate policy for man made fibres and polyester. The sector recommended for opening outlets similar to the ‘Uzhavar Sandhai’ (farmers’ market) to help power loom weavers market the fabrics directly to apparel makers avoiding middlemen. “The suggestions were a joint result of the views expressed by various associations and entrepreneurs in Tirupur,” Mr. Shanmugam said.

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