In the past five years, the closure of the ailing cotton and man-made fiber textile factories resulted in the loss of 30354 textile workers.

In February, 111 of the 407 closed units that were closed this year were registered with the industrial and financial development authority, and the Minister of state for textiles E V K S Elangovan said.

The government has set up an industrial and fiscal redevelopment board, timely arrangements for the discovery of poor companies, preventive quick decisions and recommendations, which need to be considered.

Elangovan said the industrial and financial Redevelopment Authority approved the closure of 10 factories of the national textile company.

The closure of these factories was carried out in accordance with the industrial bankruptcy law, because most of the employees chose voluntary retirement mechanism.

Of the 119 factories in the national textile company, 67 have been closed, 10 are being closed down, 22 factories have been restored by the national textile company, and 18 factories have been updated through joint ventures.

India national textile company plans to stimulate the retail market and introduce new brands to all kinds of consumers.

(Jia Xiao)