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Closed NTC mills' wage bill Rs 7 bn: Shourie

Union Divestment Minister Arun Shourie on Tuesday said the government had been incurring ''unproductive expenditure'' of Rs 7 billion every year on account of salary and perks to the workers and employees of the National Textile Corporation.

Talking to reporters in Kanpur on Tuesday, Shourie said there were a total of 129 NTC mills in the country but only 25 were working to their capacity.

The minister said the government had to incur a Rs 7 billion expenditure every year for disbursement of salary to the workers of the closed mills.

Shourie said that the ongoing divestment scheme in the public sector units had saved external debt burden of around Rs 110 billion.

He said the situation of the external debts was critical and the country had to incur 70 per cent of its tax revenue on account of payment of interests on these debts.

UNI

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