Coimbatore, Sept 12: The Indian Chamber of Commerce and Industry on Friday welcomed Centre's new financial package for the textile industry, saying it would help the industry to retain profitable operations.
The package aimed at improving the global competitiveness of the Indian textile industry in the post-2005 scenario, dealt with the issues in a pragmatic manner, chamber president A V Varadharajan said in a statement.
The package, however, was limited to only external commercial borrowing (ECB), he said, adding government should consider issues such as how the interest rate and repayment period be linked to ECBs and whether the funds would be available for VRS, modernisation schemes and value addition projects.
He also appealed to the banks and financial institutions to implement the package keeping in mind the plight of the entrepreneurs.