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One year moratorium on term loans of textile industry
13
Mar '09
The Indian textile industry will heave a big sense of relief on hearing this news. According to the Textile Secretary, Ms Rita Menon, the Finance Ministry, has agreed to a one year moratorium on re-payment of term loans availed by the sector.

According to the Textile Secretary, the Textile Ministry had put in a request for a two year moratorium, but the Finance Ministry agreed to a one year moratorium. However, another official said that the same could be on a case-to-case basis.

Ms Menon added by saying that the demand of the sector to lower the margin on cotton from 25 percent to 10 percent and also increasing the loan period to 180 days was also under consideration and also gave indications of a lower interest rate regime for the sector.

This could be music to the depressed textile industry, which is fighting a battle for survival, what with sales dipping in domestic as well as export markets and were looking up to the government to help the industry, overcome the turmoil.

Fibre2fashion News Desk - India

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