HIT BY SLOWDOWN, TEXTILE INDUSTRY SEEKS LOAN REJIG

摘要

The government is scrambling to rescue banks that have outstanding loans worth Rs 100.000 crore to Indian textile mills on their balance sheets, making them the highest unpaid dues in the manufacturing sector. Textile mills are in no position to pay back this money, following a global slowdown in clothing demand and rapid capacity expansion, which has led to more than half of the listed players booking a loss in the first six months of the current fiscal year.