The fourth meeting of Inter Ministerial Steering Committee (IMSC) on TUFS was held on December 7, 2011 under the chairmanship of Secretary (Textiles). The main agenda was the debt restructuring proposal submitted to government by CITI. In addition to representatives of banks and the industry, senior officials from Finance Ministry and Planning Commission and IBA also attended the meeting. I made a presentation to the IMSC highlighting the crisis in the industry and the need as well as urgency for a restructuring programme. I explained that production of yarn and fabrics had been declining steeply since May 2011 as was evident from government data and the downstream sectors also faced similar trends. The financial results of textiles and clothing companies listed the Bombay Stock exchange showed that most of them had poorer results during the first half of this fiscal year and many made net losses.