Textiles industry seeks loan rejig, Retail News, ET Retail

New Delhi: The textile business has pitched for a one particular-time personal loan restructuring, citing a twenty five-fifty% drop in all round desire in FY21 owing to the Covid-19 pandemic. The Confederation of Indian Textile Business has created to Reserve Bank of India governor Shaktikanta Das, stating twenty five% of the textile mills and garment models could witness lasting closure in the present circumstance, throwing many lakhs of men and women out of work opportunities.

“Impact of Covid-19 has broken the back again of the textile business as it is a low-margin, cash-intensive business,” it claimed in a letter seen by ET. Presently, the business is below wonderful fiscal strain owing to significant losses endured considering that the onset of Covid-19, it claimed.

The plea arrives in the backdrop of the banking sector making a sturdy case for these kinds of one particular-time personal loan restructuring, apprehensive of a rise

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