Investment in Textile Park on hold: Minister.

In a concrete impact of demonetisation on sectors that heavily rely on cash transactions, investors planning to set up power loom units in Sircilla Textile Park have deferred their plans.

Replying to a query on the impact of demonetisation on industrial investments in the Telangana Legislative Council recently, IT and Industry Minister K.T.Rama Rao said that the handloom and power loom units mostly rely on cash-based transactions. The demonetisation has impacted the investments in Siricilla Textile Park.

He however said no State has as yet assessed how demonetisation would impact the overall economy though for now there was some negative impact.

The Minister however expected fresh long-term infusion of capital as banks were flush with funds and they themselves were coming forward to extend funds.

THE HINDU