Govt to write-off Rs 3500cr worth textile sector loans

The ministry of textiles announced on Thursday that the government would write-off the principal amount and is working on total interest waiver for handloom sector loans. The loan write-off for the sector could be about Rs 3,400 crore, reports CNBC-TV18.

Speaking to CNBC-TV18, Union textiles minister K Sambasiva Rao also assured that labour problems affecting the textile sector would be addressed and added that the textile export target has been hiked to USD 43.5 billion from USD 36 billion for FY14.

The minister's announcement follows a meeting held by the Prime Minister on Wednesday that discussed measures to revive manufacturing, the steel sector and the textile industry.

Union textiles minister K Sambasiva Rao said that the government had spoken to banks regarding the problems of finance in the textile sector. "We have potential to overtake China in textile exports," Rao told CNBC-TV18.  The minister also said that women would be allowed to work in night shifts at textile units.

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