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NABARD gives Rs 100mn for revival of AP handloom sector

Apr '12
Andhra Pradesh Cooperative Bank (APCOB) has received a sum of Rs. 100 million from the National Bank for Agriculture and Rural Development (NABARD) for revitalizing the state handloom industry.

The sum would be utilized for recapitalization of the Andhra Pradesh State Handloom Weavers Cooperative Society (APCO).

The move is in pursuance of an agreement inked by NABARD with the Andhra Pradesh Government and the Union Government for revival of the troubled handloom industry in the state.

Next to agriculture, handloom sector is the second largest employer in the state, employing over 300,000 weavers, and is currently facing financial crisis.

According to NABARD, Andhra Pradesh is the first Indian state to have inked an agreement under the Union Government's Weaver Package.

The assistance extended to the handloom sector by the Centre is in addition to the package announced by the state government for weavers some time back.

As informed by NABARD Executive Director Mr. SK Mitra, the package includes provisions for margin money and interest subsidy for weavers and also provides credit guarantee for banks. According to Mr. Mitra the package is in interest of all stakeholders.

NABARD has been appointed as the Project Implementing Agency by the Centre for execution of the package.

The package's overall outlay is Rs. 38.84 billion, from which the state is expected to get Rs. 3 billion, Mr. P Mohanaiah, Chief General Manager (NABARD - AP) said.

According to Mr. Mohanaiah, high cost of hank yarn and other raw materials, marketing impasse and fragile co-operative structure have weakened the state handloom industry over a period of time.

Fibre2fashion News Desk - India

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