Home / Knowledge / News / Textiles / Kashmir Govt comes to rescue of handicraft trade
Kashmir Govt comes to rescue of handicraft trade
12
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


Must ReadView All

Respresentatives of over 30 Chinese companies in a meeting with officials of Kazakh Invest National Company; Courtesy: primeminister.kz

Textiles | On 17th Aug 2018

Kazakh-China cooperation in textiles explored in Astana

China and Kazakhstan have immense potential to cooperate in textiles...

Courtesy: Pexels

Textiles | On 17th Aug 2018

AWEX EMI closes at highest ever level of 2116ac clean/kg

The Australian Wool Exchange (AWEX) Eastern Market Indicator (EMI)...

Courtesy: VF Corporation

Apparel/Garments | On 17th Aug 2018

VF Corporation shifting global headquarters to Denver

VF Corporation, one of the largest apparel, footwear and accessories...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search