India approves Rs 23.5 bn package for handloom weavers

The Government of India has approved a Rs. 23.5 billion package for the benefit of handloom weavers in the country, Textiles Minister Anand Sharma said in Lok Sabha, the Lower House of Parliament.

The comprehensive package will enable the crisis ridden handloom sector in the country to meet its important needs of cheap hank yarn and credit at low interest rates.

The Minister said the package has been made by modifying the two existing schemes - Integrated Handlooms Development Scheme for availability of cheap credit and Mills Gate Price for availability of subsidized hank yarn.

The Rs. 23.5 billion package includes providing 3 percent interest subvention to weavers for three years.

The subsidized credit to the weavers will be made available through SIDBI, NABARD and the nationalized banks, while the National Handloom Development Corporation (NHDC) would provide subsidized yarn.

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