Steps on to get ₹70-crore loan from NCDC for State’s textile sector: Minister
An amount of ₹9.5 crore had been earmarked for Cotton Board, Industries Minister informs Assembly
Steps to secure a ₹70-crore loan from the National Cooperative Development Corporation to improve efficiency of the textile sector are in the last phase, Minister for Industries P. Rajeeve has said.
Replying to a calling attention motion by K.P.A. Majeed, MLA, in the Assembly on Friday on resolving the difficulties faced by Edarikode Textiles (spinning mill) and KEL (Kerala Electrical and Allied Engineering Co. Ltd.), the Minister said ₹10 crore had been approved for purchase of quality cotton through the Cotton Board. An amount of ₹9.5 crore had also been earmarked for the Cotton Board. This would enable purchase of quality cotton when prices are low and its storage to ensure availability of raw material.
Two automatic cone winding machines had been imported at a cost of ₹5.4 crore in 2021-22. This, along with availability of raw material through the Cotton Board, were aimed at making the functioning of the Edarikode mill effective.
Orders received
The Minister said that to improve the functioning of public sector units and make them profitable, business plans of all units, including KEL, for the current financial year were ready. Moreover, KEL was receiving orders from other States on rate contract basis. Steps were under way to make available the working capital required for meeting the orders from other financial institutions in a time-bound manner, the Minister said.
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