ERODE, Oct 6: Confederation of Indian Powerloom Industries has appealed to the Tamil Nadu Government to grant subsidies for the starting of new powerlooms.
M.S. Mathivanan, President, Confederation of Indian Powerloom Industries and also President of Tamil Nadu Powerloom Federation, in a memorandum to Chief Minister Jayalalithaa on Friday, said Maharashtra and Gujarat were providing 7 per cent subsidy for installing new powerlooms in their States.
“In Tamil Nadu already five lakh and odd powerlooms are functioning.To encourage for the starting of more power looms the state government may grant some subsidy for the new entrepreneurs,” he said.
He also appealed to Jayalalithaa to grant five per cent interest subsidy or ten per cent capital subsidy for the powerlooms for their modernization and expansion.
Mathivanan said he, along with powerloom industrialists, would meet Jayalalithaa to represent the issue besides seeking waiver of State VAT on diesel. (PTI)
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