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NITMA applauds efforts of Texmin for debt restructuring
31 May '12
1 min read
Shri K K Agarwal, President, Northern India Textile Mills Associations (NITMA) applauded the efforts of Shri Anand Sharma, Minister for Commerce, Industry & Textiles in getting clearance of Finance Ministry for debt restructuring proposals for the textiles and clothing industry.
Shri Agarwal stated that the Finance Minister has given clearance for restructuring of debt worth Rs. 35,000 crore to textile industry. The textile industry was hit by high volatility in cotton prices last year. Prices raised to a high of Rs 62,000 a candy (356 kg) last year around this time and then declined to almost half this level. Cotton is now trading at Rs 33,000 a candy. The sector has suffered huge losses.
Shri Agarwal thanks the Minister of Textiles and the officials of the Textiles Ministry for their efforts and hoped that RBI would also issue necessary instructions to the banks in this regard.
Shri Agarwal stated that the Finance Minister has given clearance for restructuring of debt worth Rs. 35,000 crore to textile industry. The textile industry was hit by high volatility in cotton prices last year. Prices raised to a high of Rs 62,000 a candy (356 kg) last year around this time and then declined to almost half this level. Cotton is now trading at Rs 33,000 a candy. The sector has suffered huge losses.
Shri Agarwal thanks the Minister of Textiles and the officials of the Textiles Ministry for their efforts and hoped that RBI would also issue necessary instructions to the banks in this regard.
Northern India Textile Mills Associations (NITMA)
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