“Over the next three years, the Rs.6,000 crore package will lead to an additional investment of $11 billion, generate one crore jobs and increase textile exports by $30 billion,” said Rashmi Verma, secretary in the ministry of textiles. As on 30 September 2015, distribution companies had a collective outstanding debt of Rs.4.3 trillion. So far, 10 states have signed agreements with the central government to take over the outstanding debt of their power distribution companies. The package proposes a fixed term of employment for the garment sector. The scheme, announced on 5 November by the central government, specified that half of the outstanding debt was to be acquired in 2015-16 and another 25% in 2016-17.

Source: Mint June 22, 2016 14:29 UTC