Business Daily from THE HINDU group of publications
Tuesday, Jan 13, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Tuesday, Jan 13, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Industry & Economy
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Power Textile industry seeks relief package to beat downtrend Our Bureau New Delhi, Jan. 12 Hit by the ongoing financial crisis and a slowdown in demand across both the domestic and key export markets, the country’s textile industry has sought a relief package to ride out the downturn. “India’s labour-intensive textile industry needs a bailout package from the Government to fight the impact of the global financial crisis and the rise in cotton prices in the domestic market,” Mr R.K. Dalmia, Chairman, Confederation of Indian Textile Industry, said on Monday. With exports taking a hit on account of the recession in the US and Europe, industry players have urged the Government to step in “immediately” to save a larger part of Rs 1 lakh crore investment, made in the last three years, turning into non-performing assets (NPAs). “Government should not allow Rs 1 lakh crore in due course of time to become NPAs,” Mr Dalmia said. He said: “The industry is in losses. If such a situation is allowed to continue for some more time... industry will not be able to pay its term loans and start defaulting. Already there may be some defaults.” The industry raised as much as Rs 50,000 crore concessional loans through the Technology Upgradation Fund Scheme. More Stories on : Power
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