Textile industry retrenches 30,354 workers in last 5 years

24 Oct '08

1 min read

The Minister of State for Textiles, Mr Elangovan informed Rajya Sabha (Upper House) of the Indian Parliament that closure of sick textile mills in the last five years had led to retrenchment of 30,354 workers. Out of the 407 textile mills which had closed down, 111 of them had been referred to the Board for Industrial & Financial Reconstruction (BIFR) till February, he added.

To another query, Mr Elangovan replied by saying that BIFR has approved closure of 10 mills owned by the National Textile Corporation (NTC). Closure of these mills had been effected as per the Industrial Dispute Act as there was no production activity and workers had opted for the voluntary retirement scheme (VRS).

The Minister closed his reply by saying that mills under NTC are being modernized and a new retail marketing plan of introducing new brands for different category of consumers is in the offing.

NTC has a total of 119 mills under its management of which 67 have been closed , 10 more short listed for closure, 22 mills are proposed to be revived and the rest of 18 mills to be modernized through private sector joint venture participation.

Fibre2fashion News Desk - India

More National Textile Corporation (NTC) News... More Textiles News - India...