• Investment World
• eWorld
• Catalyst
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest

G Gurumurthy

Mr Vijay Venkataswamy, has said that debt portfolio revamp envisaged would help the textile industry and enable banks and FIs reduce their NPA levels.

Coimbatore , Aug. 13

THE proposed debt restructuring for the textile industry recommended by the steering group on investment and growth will enable the industry swap the high cost debt and thereby enhance its competitiveness to face global market challenges, said the Southern India Mills Association (SIMA).

Welcoming the steering group report submitted by the Planning Commission member, Mr N.K. Singh, to the Finance Minister, Mr Jaswant Singh, the SIMA Deputy Chairman, Mr Vijay Venkataswamy, has said that debt portfolio revamp envisaged would not only help the textile industry but also enable banks and FIs reduce their NPA levels in the textile due to the `innovative' restructuring. In the past few months, the textile industry remained optimistic owing to various positive measures announced in the Budget that were aimed at ushering a level-playing field among different sectors in the textile industry.

Unlike the past when any proposal made to help any one segment within the industry used to deprive the others and distort market dynamics, the latest report, according to Mr Venkataswamy, had fairly addressed the concerns of various sections of the textile industry. The third report of the steering group had indicated that most of the recommendations made by the apex textile bodies — ICMF and SIMA — were accommodated.

Though there were some issues that needed refinement or clarifications to achieve the intended purpose of the scheme, the SIMA Deputy Chief hoped that these could be taken up with the Textile and Finance Ministries.

Article E-Mail :: Comment :: Syndication

Stories in this Section
ASFI against lifting dumping duty on nylon tyre cord fabric

Copyright © 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line