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Textile Minister proposes rescue package for handloom industry

26
Dec '08
The Textile Minister, Mr Shankarsinh Vaghela, has informed that the textile ministry has prepared a Rs 26,000 million rescue package, particularly for the handloom sector which is bearing the brunt of the economic meltdown and resultant slowdown in business.

This plan which has been sent to the finance ministry for approval contains a proposal for waiver of loans for handloom cooperatives and providing credit at a concessional and soft interest rate of 7 percent.

He further added by saying that the state governments of Orissa, Rajasthan, Maharashtra, Uttar Pradesh and Assam have informed the Central Government that some handloom cooperatives are on verge of closing down.

Amongst the reasons put forth by the state governments are slowdown in demand, competition with mechanized sector, non-availability of credit and the biggest of all not being able to adapt to market conditions.

Fibre2fashion News Desk - India


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