In a big relief to the debt-trapped textiles industry, the government recently decided to restructure loans worth Rs 35,000 crore. The decision for restructuring of bank loans, estimated Rs 1.55 lakh crore for the sector, was taken at a meeting between Commerce and Textiles Minister Anand Sharma and Finance Minister Pranab Mukherjee in Delhi. "Government agreed that there is a need to support the Textiles industry in this time of crisis. Textiles Minister said that the total outstanding debt of textiles sector is Rs 1,55,809 crore of which debt of Rs 35,000 crore needs restructuring," an official statement said.
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