NABARD gives Rs 100mn for revival of AP handloom sector

Andhra Pradesh Cooperative Bank (APCOB) has received a sum of Rs. 100 million from the National Bank for Agriculture and Rural Development (NABARD) for revitalizing the state handloom industry.

The sum would be utilized for recapitalization of the Andhra Pradesh State Handloom Weavers Cooperative Society (APCO).

The move is in pursuance of an agreement inked by NABARD with the Andhra Pradesh Government and the Union Government for revival of the troubled handloom industry in the state.

Next to agriculture, handloom sector is the second largest employer in the state, employing over 300,000 weavers, and is currently facing financial crisis.

According to NABARD, Andhra Pradesh is the first Indian state to have inked an agreement under the Union Government's Weaver Package.

The assistance extended to the handloom sector by the Centre is in addition to the package announced by the state government for weavers some time back.

As informed by NABARD Executive Director Mr. SK Mitra, the package includes provisions for margin money and interest subsidy for weavers and also provides credit guarantee for banks. According to Mr. Mitra the package is in interest of all stakeholders.

For more details please visit : NABARD gives Rs 100mn for revival of AP handloom sector @ Fibre2fashion

Posted in: AP handloom sector,NABARD,revival,Rs 100mn