Lok Sabha passes bill for reviving sick govt textile firms

The Union government is working to revive sick textile mills, including National Textile Corporation (NTC), to create more jobs in this sector, Textiles Minister Santosh Gangwar told the Lok Sabha on Monday.

The House passed the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Bill, 2014, which replaces an ordinance in this connection. The proposed law aims at ensuring proper and effective implementation of the revival scheme for sick textile units.

According to the Bill, there is a need “to protect public investment in the acquired textile undertakings to explicitly clarify the status of such vesting of the lease-hold rights in the central government”.

“We want to revive the mills. We want to make a package for the revival,” Gangwar said.