Home / Knowledge / News / Textiles / Debt restructuring to lift morale of textile sector – TEA
Debt restructuring to lift morale of textile sector – TEA
30
May '12
Dr. A. Sakthivel, President of Tirupur Exporters' Association (TEA) said he was thankful to Shri. Anand Sharma, Hon'ble Union Minister of Textiles and Commerce & Industry for Finance Ministry's approval for debt restructuring the loan amount of Rs.35,000 crores and noted that the Hon'ble Minister was very supportive and had taken efforts for getting approval from the Ministry of Finance.

Dr. Sakthivel also noted that the Hon'ble Minister was more concerned more about the plight of the textile industry which provides large employment next to agriculture. He also thanked the Textile Secretary Smt. Kiran Dhingra, I.A.S., and Joint Secretary Shri. V. Srinivas, I.A.S., for their unstinted support in getting clearance of the proposal from the Ministry of Finance.

Dr. Sakthivel said that the Finance Ministry would recommend to RBI not to classify the units asset as NPA after providing special dispensations in NPA rules and also allowing a two year moratorium on term loan to the Textile industry and converting the eroded working capital into working capital term loan repayable over a period of three to five years.

Dr. A. Sakthivel said that the knitwear garment export sector and other stakeholder units in Tirupur have been eagerly awaiting with bated breath for the positive announcement mainly to tide over the crisis since they are struggling to service their loan and interest further to slowdown of exports.

He further noted that the debt restructuring to the units at this juncture will be a major relief to all and certainly lift the sagging morale of the textile industry.

Dr. Sakthivel hoped that RBI would issue the necessary instructions to the Banks at the earliest.

Tirupur Exporters' Association (TEA)

Must ReadView All

Textiles | On 22nd Apr 2017

Strong rupee & weak trade to affect textile exporters

Textile and apparel exporters' earnings and EBITDA margins will be...

Textiles | On 22nd Apr 2017

Myntra acquires InLogg

With an aim to strengthen supply chain and logistics, Flipkart-owned...

Textiles | On 22nd Apr 2017

Aditya Birla Group launches new variant Liva Crème

After its successful launch of high quality fabric Liva in 2015,...

Interviews View All

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search