Textile firms seek recast fund

With the government's external commercial borrowings-driven debt swap plan for the textile sector proving to be a non-starter, the Indian Cotton Mills Federation has sought the immediate creation of a textile reconstruction fund.

In a representation to the Finance Minister, ICMF Chairman BK Krishnaraj Vanavaryar has asked the Centre to rework the debt restructuring scheme on the lines of the recommendations made by the NK Singh committee.