Home / Knowledge / News / Textiles / Union Govt considers debt waiver scheme for handloom weavers
Union Govt considers debt waiver scheme for handloom weavers
03
Sep '08
The Agriculture sector was fortunate to have been granted the debt waiver scheme but now it has company. The Central Government is now planning to provide the handloom weavers with a similar scheme.

On the occasion of the launch of a textile expo organized by the National Handloom Development Corp Ltd (NHDC), Mr Shankarsinh Vaghela, Textile Minister stated, “We are in the final stages of discussions to execute the scheme”.

Although the previous estimate for a debt waiver stood at Rs12 billion, it has been revised at Rs20 billion by the textile ministry and has also been approved by the National Bank for Agriculture and Rural Development (Nabard).

However, the State Government, which would have to bear 20 percent of the aggregate burden, will also have to be consulted before executing the scheme.

The handloom sector recorded an increase of 7.01 percent in 2006-07 over 2005-06, with a production of 6,536 million square meters of textiles. Although growth rate slowed down marginally, it still managed to register a surge of 6.2 percent in 2007-08 with production standing at 6,944 million square metres.

The sector is in dire need of this financial back-up to increase production and tap foreign markets. Already, increasing competition from neighboring countries is eroding the profits of these poor weavers and to top it up, rapidly increasing interest rates for loans is making it impossible for the industry to draw capital from national banks.

However, if the debt waiver gets an approval, it would prove to be of great help to the industry in general and weavers in particular.


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Mike Hoffman
Gildan Activewear SRL

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search