Home / Knowledge / News / Textiles / Debt restructuring will help revive Indian textile sector
Debt restructuring will help revive Indian textile sector
Sep '12
The Government of India’s decision to restructure loans worth Rs. 350 billion is expected to play a major role in revival of the industry, Mr. V Narayanasamy, Union Minister of State in the Prime Minister’s Office (PMO) said, while addressing the 5th CEO conference ‘Texpin 2012’.
Mr. Narayanasamy said the Government would shortly issue necessary instructions to banks for implementation of the Rs. 350 billion textile sector debt restructuring package.
S. Dinakaran, Chairman of the Southern India Mills’ Association (SIMA), organizer of Texpin 2012, urged the Government to allow a two-year moratorium period for loan repayment to concerned mills and also to grant Technology Upgradation Fund benefits to the mills covered under debt restructuring. 
He emphasized on the need for devising a Comprehensive National Fibre Policy for affording a level playing field to domestic textile industry players.
Noting that just 17 percent of the manufacturing sector companies send their workers for skill training, Managing Director and CEO of National Skill Development Corporation, New Delhi, Dilip HM Chenoy, urged the industry to value productivity and accordingly pay more to skilled workers.
On proposed entry of FDI in retail, Mr. Narayanasamy said this is expected to bring about US$ 10 billion in the domestic industry over the next two to three years, and would even benefit the farmers as it would facilitate direct procurement of farm produce leading to better price realisation, wider employment generation and supply of products at reasonable rates.
However, he said while many states like Uttarakhand, Andhra Pradesh and Maharashtra have welcomed the proposal, others like Kerala, Tamil Nadu, Madhya Pradesh and Karnataka are opposed to the same.

Fibre2fashion News Desk - India

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marcel Alberts

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

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

Karan Arora
Karan Arora

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

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search