Run-Up To Budget 2003
Finance Minister Jaswant Singh is likely to announce a debt restructuring fund for the textile sector in the Budget for 2003-04. The fund, expected to be in place for up to five years, will start with an initial corpus of Rs 1,000-1,500 crore. This will be beefed up to Rs 5,000 crore.
The proposed fund will be in addition to the existing Textile Modernisation and Upgradation Fund managed by the Small Industries Development Bank of India.