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 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Interviews View All

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Bani Batra

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

news category


Related Categories:
July 2017

July 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