Wednesday, March 14, 2012

Beneficiaries Under Loan Waiver Scheme in AP

The Government has approved a financial package for waiver of loan for the handloom sector, called “Revival, Reform and Restructuring Package for Handloom Sector” which has a financial implication of Rs. 3884 crores across the country, with expected benefits for 83,841 individual weavers and 1420 handloom weavers’ cooperative societies in the State of Andhra Pradesh.

In addition, Government has also approved a ‘Comprehensive Package for the Handloom Sector’ having a total financial implication of Rs. 2362 crores across the country, for providing cheap credit under Integrated Handloom Development Scheme. The scheme will also provide subsidized yarn with 10% price subsidy under Mill Gate Price Scheme benefiting 75100 handloom weavers both individually and in cooperative folds in Andhra Pradesh.

The Government of India has also decided to implement Scheme for Issuance of Weavers Credit Cards. As per the guidelines of the Scheme, the credit limit will be fixed on assessment by banks for working capital requirement as well as cost of tools and equipments required for carrying out weaving activities. The maximum limit to individual weavers will be upto Rs. 2 lakh. Banks may, however, fix a repayment schedule for the portion of loan availed for the purchase of tools and equipments.