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Maharashtra weavers get loan waiver of up to Rs. 50,000
17
May '12
Maharashtra Government has announced a waiver of loans of up to Rs. 50,000 obtained by weavers and handloom workers till March 31, 2010.

The decision is expected to benefit around 6,000-7,000 weavers in the state, who are either self-employed or employed in cooperative or private sectors.

To serve the same cause for weavers across the country, the Central Government had announced a package of Rs. 38.84 billion for 2011-12 and current fiscal.

Maharashtra Textiles Minister Naseem Khan, who termed the decision as a “historic” one, said Maharashtra is the first state to introduce such a measure, whereby the Centre would bear 80 percent cost of writing off the loans, while the state government would contribute the rest 20 percent.

In accordance with the policy norms, after writing off loans to the extent of Rs. 50,000 obtained by weavers till March 31, 2010, the hand weavers would be allowed to avail fresh business loans.

These new loans would qualify for a three percent interest subsidy for the next three years.

Fibre2fashion News Desk - India

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