Textile debt recast flops as mills fight to avoid NPA tag
Banikinkar Pattanayak: New Delhi, Jan 18 2013, 01:09 IST
markets would be enhanced. The government has allocated R11,577 crore for the 12th Plan period (2012-17) for the TUFS.
Textile mills, which bought cotton at record prices in the marketing year which started on October 1, 2010, were caught off-guard when product prices plunged in April 2011 on poor demand from the United States and the European Union, which account for around 65% of textile exports. Moreover, the government’s restrictions on cotton yarn export at 720 million kg in the 2010-11 fiscal to boost domestic supplies resulted in a loss of R11,000 crore to the textile industry, according to an estimate by CITI.
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