Welcoming the decision to increase the interest subvention to 3% from the 2% to exporters, Southern India Mills' Association today described it as timely for all sectors in the backdrop of balance of payment issues.
In a statement, SIMA Chairman S Dinakaran said handloom, handicrafts, readymade garments and made-ups coming under textile value chain would benefit from the decision.
The salient feature of this announcement by the Centre was widening of coverage of benefit to all exporters of Micro and Small Enterprises, especially labour intensive ones, he said.
Since textile industry in India was back to normalcy, after severe recession in 2010-11, it could contribute sizably to the country's exports, Dinakaran said.
