New Delhi: The Center, on May 29, approved a Rs.35,000-crore debt restructuring package for the textile sector, which has been faced with massive unemployment and shutdown of business.
An announcement in this regard was made by Commerce, Industry and Textile Minister Anand Sharma, who met Finance Minister Pranab Mukherjee on May 29 to seek a resolution on the issue, impacting lakhs of people employed in the sector.
According to an official statement issued here, during the meeting, it was agreed that there was a need to support the industry in this crisis time.
Total outstanding debt of the sector stands at Rs.1.56 lakh crore, of which debt worth Rs.35,000 crore needs restructuring. “Directions would be issued to banks in this regard to consider this on a priority basis,’’ the statement adds.