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Ministry favours Indian textile sector debt restructuring
09
Dec '11
The Textiles Ministry is working to ease the difficulties of the ailing textile industry, and as a part of its endeavour it recently convened a meeting with the Indian Banks Association to discuss several issues like probabilities of streamlining the loans of the sector.

Though the meeting with the bankers and the domestic textile industry representatives did not deliver any firm output, Textiles Secretary Rita Menon said that the Ministry would continue its efforts with the Reserve Bank of India, Finance Ministry and Department of Financial Services.

“We will decide what could be a perfect-mix of backing that can be offered to the industry at least to ease the working capital crisis”, she said.

She stated that the Ministry is firm on building pressure upon the government for a fresh restructuring, which she said is essential for the power loom as well as silk industry.

The textile industry which suffered on account of a steep drop in cotton prices, sluggishly moving local demand and restrictions on cotton yarn exports imposed during December 2010 has been constantly pushing for streamlining of Rs. 1,000 billion worth of loans.

The industry had demanded a two-year moratorium period for debt repayment in its meetings with the textile ministry.

Representatives of Department of Financial Services and top officials of 25 banks like Punjab National Bank, State Bank of India, Bank of Baroda and Union Bank remained present at the meeting.

Fibre2fashion News Desk - India

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