The Centre has agreed for a 35000 crore rupee debt restructuring package for the textile sector. Following his meeting with Finance Minister Pranab Mukherjee last evening, the Textiles Minister Anand Sharma announced that the Government has agreed that there is a need to support the Textiles industry in this time of crisis. The Textiles Minister said that the total outstanding debt of textiles sector is Rs. 155,809 crores of which debt of Rs. 35000 crores needs restructuring. He said, Government directions to banks to consider this on priority would be issued in this regard.Textiles Minister Anand Sharma said that there was agreement with the Ministry of Finance that the debt restructuring package would be considered on a case to case basis by Individual Banks. The Finance ministry would examine in consultation with Reserve Bank of India for a 2 year moratorium on term loans, special provision in NPA norms to avoid asset reclassification and working capital eroded to be converted into working capital term loans repayable over a period of 3-5 years. An inter-ministerial committee of senior officials would also be constituted to coordinate with Industry-Banks in expeditious restructuring. The Union Minister of Commerce, Industry and Textiles Shri Anand Sharma had met Finance Minister Shri Pranab Mukherjee, and urged for loan restructuring for the debt stressed textiles industry.Textiles Industry Associations had represented to the textile minister of high stress levels and industry sickness and sought his intervention for a restructuring package. Industry associations had sought a 2 year moratorium on long term loans, special dispensation to be provided by Reserve Bank of India in its NPA rules working capital term loans.