Telangana to waive handloom weavers' loans up to Rs 1 lakh

13 Nov '17

1 min read

The Telangana government will waive farmers’ loans up to Rs 1 lakh and loans taken by handloom weavers from nationalised banks and district cooperative central banks as working capital for production of handloom products from January 2014 to March 2017 are included in the waiver scheme, state industries and commerce minister KT Rama Rao said recently.

The state government will spend Rs 10.10 crore in the scheme to free around 2,500 handloom weavers from debt, Rao told the state legislatively assembly. Those how have repaid the loans will also get the benefit.

The state government had allocated Rs 1,270 crore to the handloom and powerloom industry in the 2017-18 budget to uplift the sector neglected by earlier governments, Rao said. The sector was affected by inadequate raw material supply and marketing, stiff competition from mills, and obsolete technology, according to media reports from the state.

The objective behind this allocation was to safeguard the sectors providing sustainable employment, the welfare of weavers, and to provide alternate sources of livelihood to the poor unemployed, he added.(DS)

Fibre2Fashion News Desk – India

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