The Textile Undertakings (Nationalisation) Act, 1995

The Textile Undertakings (Nationalisation) Act, 1995 was enacted to provide for the nationalisation of textile undertakings. The Act provides for the acquisition of textile undertakings and the payment of compensation to the owners. The Act also lays down the procedure for the management and operation of the nationalised undertakings. The Act has the objective of developing the textile industry in India and ensuring that it contributes to the economic growth of the country.