How did The Sick Textile Undertakings (Nationalisation) Act, 1974 affect the financial situation of the sick textile undertakings?
The Sick Textile Undertakings (Nationalisation) Act, 1974, was enacted to address the financial crisis of sick textile undertakings in India. By nationalizing these financially distressed entities, the government aimed to revive and restructure them to improve their financial situation. This act allowed the government to take control of these undertakings, providing necessary support, management expertise, and capital infusion to turn around their fortunes. As a result, the act had a positive impact on the financial situation of the sick textile undertakings by stabilizing their operations and enabling them to become more profitable in the long run.