Textile India Progress is pleased to inform that Government of India, Ministry of Textiles and Ministry of Finance have accepted Textile India Progress recommendations for restructuring Rs 35,000 crore debt of the textile sector. The proposals include a two-year moratorium on repayment of the principal and converting some of the working capital loans to term loans. The Reserve Bank of India is expected to notify guidelines and direct the banks to restructure debt of the textile mills. The Indian textile industry has a debt of Rs 55,000 crore and many textile mills have incurred enormous losses.
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