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Loan waiver for handloom weavers on cards
04
Feb '09
While launching the newly set up Fashion and Design Promotion Council, the Textile Minister, Mr Shankersinh Vaghela said that the government is likely to announce a Rs 26 billion loan waiver scheme for the handloom weavers of the country.

He further added by saying that, “all the formalities had been completed and the cabinet is expected to take the final decision any time soon”. The proposal is expected to help around 2 million handloom weavers in the country.

Exports from the handloom and handicrafts have plummeted by a staggering 64 percent in December when compared with the same month of 2007, which has hit hard the poor handloom weavers.

Mr Vaghela also informed that his ministry had requested the finance ministry to provide loans to the handloom weavers at 7 percent, the rate at which farmers are provided loans. This would help them face the deluge of imports from neighbouring China, he added.

Fibre2fashion News Desk - India

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