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Bail-out plan for 17 Kerala mills

Jul 07, 2017
Bail-out plan for 17 Kerala mills

Seventeen textile mills in the Government and cooperative sectors of Kerala need revival and an expert committee has suggested infusing Rs 494.81 crore in capital for it. The one-time fund infusion needs to be time-bound, considering that all the mills should benefit at the same time.

The sector employs 1,000s of people and the Government does not have time to lose, P Nandakumar, Chairman of the Expert Committee told. He is sceptical about the Government’s understanding about the situation’s enormity and its potential to bring about a socio-economic change for society’s lower rungs.

The expert committee worked in association with the South Indian Textile Research Association and suggested implementing the strategy over a period of nine months. time-bound implementation will help the mills grow and begin making profits from the third year itself, said Nandakumar.

The chairman also said that the infusion has to be a one-time requirement and the mills will be capable of upgrading themselves within five years. Stakeholders as well as workers will benefit from the revival. One an average, workers can be expected to earn Rs 20,000 per month.