Home / Knowledge / News / Textiles / Over 100 Indian textile mills shutdown since 2009-10
Over 100 Indian textile mills shutdown since 2009-10
28
Feb '13
More than 100 cotton/man-made fibre textile mills have closed since 2009-10 in India, as per the data available with Textiles Commissioner. This was stated by Minister of Textiles, Mr. Anand Sharma, in a written reply in the Rajya Sabha, the Upper House of the Indian Parliament.
 
As per the data, the number of non-SSI (small scale industries) textile mills that shut down during 2009-10, 2010-11 and 2011-12 were 12, 44 and 35, respectively.
 
From April to December 2012, 13 textile mills have shutdown, 11 of which were owned by private entrepreneurs.
 
While seven of the textile mills closed since 2009-10 were owned by National Textile Corporation (NTC), five were under the state trading corporations, while the remaining were private mills.
 
The statement attributed financial problem as the main reason for closure of 104 textile mills during the period under discussion. However, some mills were also closed on account of labour problems and lock outs.
 
The Government of India has setup Board for Industrial & Financial reconstruction (BIFR) under Sick Industrial Companies (Special Provisions) Act with a view to arranging the timely detection of sick and potentially sick companies and for the speedy determination of preventive, ameliorative and remedial measures which need to be taken in respect of such units.
 
BIFR has decided on reliefs/concessions etc. to be given to units/companies on the revival packages. Out of 104 mills closed during 2009-10, 2010-11, 2011-12 and 2012-13 (April-December), 34 textile cases were registered with BIFR as on December 31, 2012. BIFR has declared one case as no longer sick and 11 cases were declared as sick.   
 
The Government has also approved a debt restructuring package to help loss making textile mills in the year 2012, to be administered on case by case basis by the banks within the prudential norms of the Reserve Bank of India, the Minister said.
 

Fibre2fashion News Desk - India


Must ReadView All

Courtesy: Rieter

Textiles | On 22nd Aug 2017

Rieter unveils new generation of RDB-D 50 draw frame

Rieter, a producer of textile machinery and automobile components,...

Courtesy: Alizilla

Textiles | On 22nd Aug 2017

‘New Retail’ strategy Alibaba’s focus in next 15 years

Alibaba executive vice chairman Joe Tsai has said that the next 15...

Courtesy: Eurovet/ Interfiliere Shanghai

Textiles | On 22nd Aug 2017

Interfiliere Shanghai to focus on textile printing

Interfiliere Shanghai, the leading trade show for intimates,...

Interviews View All

Top executives
Textile industry

The foremost issue is bridging the skill gap

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Madhu Jain
Madhu Jain

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

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Judy Frater
Somaiya Kala Vidya

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

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

August 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
67.7%
No
16.1%
Skip
16.1%

Total Votes: 31

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
45.2%
No
35.5%
Skip
19.4%

Total Votes: 31

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.9%
No
6.5%
Skip
9.7%

Total Votes: 31

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
61.3%
No
9.7%
Skip
29.0%

Total Votes: 31


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