Debt restructuring fund for textiles soon

The government is considering a proposal to create a debt restructuring fund for the textiles industry. 8220;The fund would aim at providing debt relief to many textiles units that are fallen into 8216;debt trap8217; so as to bring back buoyancy in the market,8221; Minister of State for Textiles G.N. Ramachandran said while inaugurating the 7th Asian Textile Conference in the capital.

The government is also trying to address the infrastructural needs of the industry. It has already approved 11 proposals for setting up apparel parks at Kuppam Andhra Pradesh, Ludhiana Punjab, Surat Gujarat, Tirupur and Irrugontakottai-Kanchipuram Tamil Nadu, Bangalore, Tronica city Ghaziabad, and Kanpur Uttar Pradesh, he said. The Minister said that the ministry8217;s acceptance of N.K. Singh Committee8217;s recommendations had given a major policy push to growth in the sector. 8220;One of the main aims of the policy was to increase textiles and clothing exports to 50 billion by 2010. To reach the desired goal, the industry needed to go up the value chain by capatilising on its efficient and competitive raw material base,8221; he said.