Home / Knowledge / News / Textiles / Indian govt launches scheme to boost handloom sector
Indian govt launches scheme to boost handloom sector
22
Feb '12
A scheme called 'Revival, Reform and Restructuring Package for Handloom Sector' has been launched by the Government of India in collaboration with the National Bank for Agriculture and Rural Development (NABARD).

A sum of Rs. 38.84 billion would be spent under the scheme, which would be executed from this fiscal itself, M Jha, NABARD Public Relations Officer (PRO) said.

The Central Government would grant Rs. 31.37 billion of the total sum, while the rest Rs. 7.47 billion would be allocated by the state governments, Mr. Jha said.

The PRO said the proposal for the scheme was floated by the Union Finance Minister in his 2011-12 Budget speech, and added that the scheme is expected to benefit 15,000 cooperative societies and 300,000 weavers across India.

Under the scheme, funds would be provided for reimbursing 100 percent principal and one-fourth interest on loans of viable and potentially viable primary weavers' cooperative societies and apex societies, which are in arrears since March 31, 2010. Such funds would be provided on the date of the loan becoming a non-performing asset (NPA), Mr. Jha informed.

He said the scheme would also cover individual master weavers, handloom weavers, joint liability groups (JLGs) and Self-Help Groups (SHGs), who have obtained loans for handloom weaving activities, subject to the bank's readiness to approve fresh loans.

As informed by Mr. Jha, individual weavers can avail a maximum loan waiver of up to Rs. 50,000 under the current scheme.

He said the Government has also sanctioned an interest subsidy of three percent for three years, which would be made available on fresh loans from the date of disbursal of the same by banks to qualifying handloom cooperative societies and individual handloom weavers under the scheme.

No interest subvention would be provided once the loan becomes a NPA.

Fibre2fashion News Desk - India


Must ReadView All

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

Courtesy: Tintex

Textiles | On 21st Jun 2018

'Price ratio is key factor for knitted fabrics market'

The price ratio is a key factor for the global knitted fabrics market ...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search