India Bank Restructured 350 Billion Rupee Loan To Revive Textile Industry
The government of India announced on Tuesday that it will restructure in accordance with specific circumstances.
Textile enterprises
The 350 billion rupee loan aims to revive the textile industry under debt pressure.
During the meeting, Anand Sharma, Minister of textiles, commerce and industry, and finance minister Prana Mukherjee decided to provide a debt relief package for the textile industry.
Sharma said in a statement after the meeting that the debt restructuring program will be formulated on the basis of the specific circumstances of banks.
The Ministry of textiles said in a statement that the Ministry of finance would check the loan situation and
Bank of India
In consultation, a two-year loan delay payment period will be worked out. The special provisions of non-performing assets will avoid the reclassification of assets and erosion of working capital into operational capital loans, and be repaid in 3-5 years.
The statement said that the government instructed banks to give priority to this issue.
The total debt outstanding of India's textile sector is 1 trillion and 558 billion 90 million rupees, of which 350 billion needs restructuring.
A. Sakthivel, chairman of the garment export promotion council (AEPC), welcomed the loan restructuring, which will help revive the textile industry.
He said the textile industry is in urgent need of loan restructuring, which will help the textile industry continue to provide jobs for about 11000000 workers, and will also help to achieve the export target of 17 billion US dollars for 2012-13 years.
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