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AP govt doles out funds for handloom loan waiver

09
Feb '11
In view of the approaching budget session, the Andhra Pradesh government recently released a Government Order (GO) dated February 6, 2011, under which it has sanctioned Rs 1.0819 billion to write off the loans given to the weavers.

All the 450 primary handloom cooperative societies and around 1.5 lakh handloom workers' families who have taken artisan loans under the Rajiv Yuva Sakthi and Prime minister Rojgar Yojna (PMRY) schemes or from the commercial banks are likely to benefit from the government's action.

As stated under the GO 351 and 353 issued on February 6, 2011, a sum of Rs 319.4 million would be allocated to write off the old loans obtained by the handloom workers or institutions from the government, while Rs 605.5 million have been allocated to waive the loans provided under District Central Cooperative Banks and primary cooperative societies. Moreover, a sum of Rs 160 million has also been sanctioned to waive the individual handloom loans taken from the commercial banks.

Also to recollect that, during a review meeting held in December 2010, the state Chief Minister N Kiran Kumar Reddy had made an announcement to sanction funds for weavers' loan waiver, but owing to the financial difficulties, it took time in executing the same.

Fibre2fashion News Desk - India


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