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The Indian textile and apparel industry is the largest labor-intensive industry with 35 million direct employees and 45 million indirect employees, especially women and a large rural population. Since October 2010, all the fibers have experienced unprecedented price fluctuations. Since January 2011, the demand for all textile products in the global and domestic markets has declined, which has seriously affected the entire textile value chain, resulting in huge losses for textile companies. The textile and apparel industry has lost more than Rs. 11,000 crore due to fluctuations in cotton and yarn prices. In order to overcome the crisis, the South Indian Textile Mills Association (SIMA) has asked the government to restructure the textile industry debt since July 2011 to avoid textile companies becoming bad assets. Although the government is very sympathetic to the grim situation of the textile industry, the issue of repeated restructuring has become an obstacle. In a press release, Mr. S. Dinakaran, president of the South India Textile Mills Association (SIMA), said that according to a press release issued by the Ministry of Textiles, at the meeting held with the Minister of Finance on May 29, 2012, the government has already Approved textile industry loan restructuring. The total unpaid debt of the textile industry was Rs. 1,55,809 crore and the restructuring proposal was Rs. 35,000 crore. In addition, the Ministry of Finance also recommended that the Reserve Bank of India (RBI) short-term loan repayments be suspended for two years. The special provisions of non-performing assets avoid asset reclassification and erosion of working capital, and convert into working capital, with a repayment period of 3-5 years. The president of the South India Textile Mills Association (SIMA) said that the government restructuring measures will maintain about 90 million jobs, including direct and indirect job opportunities. The national textile and garment workers are mainly rural women and the population below the poverty line. He said that for the banking and textile industries, this is a win-win situation.
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Steaming Furnace Analysis Indian Textiles says debt relief helps revitalize the textile industry