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Nabard recommends rescue package for handloom sector
05
Mar '08
A committee headed by Managing Director, National Bank for Agriculture and Rural Development (NABARD) was formed by this Ministry to look into the problems of high cost of working capital and choking of credit lines in the handloom sector.

The committee prepared a Financial Package in this regard whose proposals, inter-alia, include:

i. Cleansing of the balance sheet of Apex and Primary Weavers Cooperative Societies (viable and potentially viable) with adequate fund support from Government.

ii. Waiver of overdue interest and overdue loans of Weavers/PWCSs/ApexSocieties as on 31st March, 2006.

iii. Financing the credit needs of handloom weavers/ societies at 7% rate of interest with interest subvention to NABARD and banks from Government of India.

The above proposals are under consideration of the Government.

This information was given by the Minister of State for Textiles, Shri E.V.K.S. Elangovan, in the Rajya Sabha, in a written reply to a question by Shri Ali Anwar.

Press Information Bureau Government of India

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