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Indian Govt waives off Rs 1.11bn in handloom weavers loans
20
Dec '12
In pursuance to the Budget announcement (2011-12), ‘Revival, Reform and Restructuring package for "Handloom Sector”, having financial implication of Rs. 3884 crore, has been approved by the CCEA on 24.11.2011. 

Of this Rs. 3884 crores, Government of India’s share is Rs. 3137 crore and that of State Governments, is Rs. 747 crore.  

As per the guidelines of said package, State Governments are required to sign a memorandum of understanding (MoU) as a token of their commitment to contribute State share for the implementation of Financial Package in their States and effecting legal and institutional reforms of Handloom cooperative societies.  

So far 23 States (except Chhatisgarh, Nagaland and Punjab) have signed MoU including the State of Andhra Pradesh and states have released altogether Rs. 62.95 crore towards their share.  

Special audit of 19 Apex and 5451 Primary Weavers Cooperative Societies (PWCSs) have been completed. NABARD has released a sum of Rs. 232.72 crore to the banks/cooperative societies for loan waiver.

For Andhra Pradesh, a sum of Rs.100.16 crores has been released for loan waiver for one Apex (Rs. 68.44 crore) and 249 PWCSs (Rs. 31.72 crore). In addition to that, NABARD has also released Rs. 10.83 crores for loan waiver of 6,033 individual weavers.            

Ministry of Textiles


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