Government may prop up the ailing textile sector by Rs 30,000 million finanical package. It will waive loans of handlooms and cooperatives and may provide concessional loans @ of 7% per annum. The proposal has been sent to the finance ministry for approval. Textiles, the second largest employment generating sector in the country after agriculture, has seen about 600,000 job losses after a host of mills closed down since the slowdown hit the economy in September.
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