Tirupur: Textile industries here have welcomed the Union government’s decision to defer the hike in GST on textiles from 5% to 12%, which was to come into effect from January 1.

The Tirupur Exporters Association (TEA) has urged Union finance minister Nirmala Sitharaman to extend the interest subvention scheme for post and pre-shipment export credit.

Tirupur Exporters' Association (TEA) on Wednesday appealed to Union Finance Minister Nirmala Sitharaman to announce extension of Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit for another two years to make knitwear garment exporting units, particularly MSMEs, to enhance their competitiveness in the Global Market and sustain in the business.

A total of 5,997 beneficiaries to receive loans amounting to ₹ 315.83 crore.

Cotton Corporation of India, a public sector undertaking and designated as Mini Rathna Company, has earned the wrath of the textile industry as well as that of the farmers for knowingly or unknowingly dancing to the tunes of cotton traders and some multinational companies and thereby causing havoc on the country’s economy.