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Kashmir Govt comes to rescue of handicraft trade
May '09
Around 200,000 craftsman and a total of 500,000 people will be bailed out from the impact of recession through four finance schemes that have been announced by the Chairman and Chief Executive of Jammu and Kashmir Bank, Mr. Haseeb Drabu.

Mr. Drabu informed that these four packages have been announced for exporters, manufacturers, traders and artisans to aid them during recession, which has drastically affected the crafts segment.

About 2 lakh jobs in this segment are at stake, due to lack of export demands, decline in sales for traders, no demand to weave for artisans and its impact on dyers, washers and other related workers, he said.

Further he added that the bank will provide livelihood finance to the craftsmen for their survival and this scheme would assist the people related to handicrafts industry through the predictable recessionary period of 18 months.

The four packages include Handicrafts Sustenance Finance for exporters, manufacturers, traders (under trilateral arrangement), Handicrafts Sustenance Finance for craftsmen (under trilateral arrangement), Craftsmen Livelihood Finance and Revised Dastakar Finance.

Mr. Drabu further informed that the interest rate will range between 10 to 11 percent and repayment of the loans by borrowers will start after 18 months as well as the craftsmen could repay once their products are purchased by the exporters or retailers. This repayment process is the major feature of the package.

Elaborating on trilateral arrangements he added that the bank will do an agreement with all the stakeholders and will finance the artisans either directly or through exporters under these schemes.

Through these schemes the exporters will not act as financers anymore as the craftsmen will take all the decisions regarding selling the product. However, there will not be any marketing mechanism in any of the schemes.

All the people in distribution chain will receive finance from the bank, for the purchase of handicrafts from the craftsmen, while the artisans will be financed to purchase raw materials as well as to get other related services like washing and dyeing.

Fibre2fashion News Desk - India

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