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AP govt waives Rs 111 cr of loans
04
Jan '16
The Andhra Pradesh government has announced waiver of loans worth Rs 110.96 crore that had be given to handloom and powerloom weavers.

Loan waiver for handloom and powerloom weavers and debt redemption scheme for farmers were two of the main election promises of Telugu Desam Party president N Chandrababu Naidu.

After the TDP returned to power in 2014, Chief Minister Chandrababu Naidu constituted an expert committee headed by P Kotaiah, former NABARD Chairman, to examine in detail the implications and to suggest the modalities of implementing the debt waiver scheme to both handloom and powerloom weavers.

The committee submitted its report in July 2014 to the Commissioner, Handlooms and Textiles, AP. But it wasn't until several months later that the government managed to arrive at a figure of outstanding availed by weavers.

The loan waiver is expected to benefit 24,209 weavers whose total loans amounted to Rs 82.84 crore. Besides this loans of Rs 11.83 crore availed by 674 weaver SHGs, Rs 16.27 crore borrowed by 584 powerlooms would be waived. (SH)

Fibre2Fashion News Desk - India


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