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AP govt mulls special bank for handloom sector
Oct '12
In order to better address financing needs of the local handloom and textile sector, government of the southern Indian state of Andhra Pradesh is deliberating on establishing a special bank with a primary investment of two billion rupees.
Handlooms and Textiles Minister G Prasad Kumar said setting up of the bank would help handloom cooperative societies and weavers avail zero-interest loans.
He said it is also proposed to set up a powerloom cluster on an area of 10 acres at Pedana village in Krishna district, at a cost of Rs. 20 million.
Chief Minister N Kiran Kumar Reddy has directed Department of Finance officials to dole out a sum of Rs. 1.91 billion to settle the dues of the handloom cooperative societies, he added.
Mr. Kumar said several industry stakeholders would attend the Handloom conference slated to take place in Hyderabad on October 20.

Fibre2fashion News Desk - India

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