Home / Knowledge / News / Textiles / NABARD gives Rs 100mn for revival of AP handloom sector
NABARD gives Rs 100mn for revival of AP handloom sector
02
Apr '12
Andhra Pradesh Cooperative Bank (APCOB) has received a sum of Rs. 100 million from the National Bank for Agriculture and Rural Development (NABARD) for revitalizing the state handloom industry.

The sum would be utilized for recapitalization of the Andhra Pradesh State Handloom Weavers Cooperative Society (APCO).

The move is in pursuance of an agreement inked by NABARD with the Andhra Pradesh Government and the Union Government for revival of the troubled handloom industry in the state.

Next to agriculture, handloom sector is the second largest employer in the state, employing over 300,000 weavers, and is currently facing financial crisis.

According to NABARD, Andhra Pradesh is the first Indian state to have inked an agreement under the Union Government's Weaver Package.

The assistance extended to the handloom sector by the Centre is in addition to the package announced by the state government for weavers some time back.

As informed by NABARD Executive Director Mr. SK Mitra, the package includes provisions for margin money and interest subsidy for weavers and also provides credit guarantee for banks. According to Mr. Mitra the package is in interest of all stakeholders.

NABARD has been appointed as the Project Implementing Agency by the Centre for execution of the package.

The package's overall outlay is Rs. 38.84 billion, from which the state is expected to get Rs. 3 billion, Mr. P Mohanaiah, Chief General Manager (NABARD - AP) said.

According to Mr. Mohanaiah, high cost of hank yarn and other raw materials, marketing impasse and fragile co-operative structure have weakened the state handloom industry over a period of time.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Courtesy: London Fashion Week

Fashion | On 22nd Feb 2017

India bags best country award at London Fashion Week

The International Fashion Showcase (IFS) Country Award was given to...

Interviews View All

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Steve Cole
Xerium Technologies

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search