The Hindu : Tamil Nadu News : “Release funds to revive spinning mill”

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Monday, Aug 11, 2008
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Tamil Nadu

Tamil Nadu

“Release funds to revive spinning mill”

Staff Reporter

PUDUKOTTAI: The Aranthangi Chamber of Commerce has urged the State government to initiate steps to release the margin money assistance sanctioned to the Cooperative Spinning Mill near Avudaiyarkovil in the district, to bring it out of the red.

In a statement issued here on Sunday, the president of the Chamber, L. Kailsanathan, said that the Centre had sanctioned Rs.1 crore under the Integrated Cooperative Development Project (ICDP) towards margin money assistance. The funds were to be released in two annual instalments at the rate of Rs.50 lakh from this year.

He also pleaded for modernisation of the mill by availing special funds from the National Cooperative Development Corporation. “The quality of yarn and the quantity of spindles will improve to a great extent through modernisation on a par with private mills.

Officials attached to the Cooperative Department, when contacted, said that the GO sanctioning Rs.3.57 crore for the implementation of the ICDP in the district for providing various infrastructure for the cooperative bodies was released only a couple of months ago. A special committee called ‘Project Implementation Team’ headed by an official in the cadre of Joint Registrar of Cooperative Societies as the General Manager of the Team, would be set up for sanctioning the funds and monitoring the implementation of the scheme.

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