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Govt to allocate financial package for handloom sector

29
Apr '08
Handloom sector of the country is in a deplorable state and a high level committee established to look into its problems has recommended the Government to sanction a financial package of Rs1,295 crore to aid the dying industry.

The Central Government has been urged to contribute a share of Rs1,155 crore while the Rs130 crore would be met by the State authorities and the remaining 10 crore by National Bank for Agricultural and Rural Development (NABARD).

NABARD was formed by the Government to see through the problems faced by the handloom sector like high cost of working capital and exorbitant credit lines.

For the year 2008-09, the handloom and power loom sector have been allocated Rs350 crore compared to the Rs325 crore granted in the year before.

Jute is alos one of the sectors that needs proper Government attention because acccording to Jute Corporation of India, unsold jute stock of 3.2 lakh quintals was recorded in 2007-08.


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