Govt looking at financial package for handloom sector

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New Delhi, Mar 5 (UNI) The government is considering the proposals submitted by a committee for a financial package to revive the cash-strapped handloom sector, Minister of State for Textiles E V K S Elangovan said today.

Mr Elangovan in a written reply to the Rajya Sabha informed that a committee set up to look into the problems of the handloom sector has recommended cleansing of the balance sheet of apex and primary weavers cooperative societies with adequate fund support from the Government and waiver of overdue interest and overdue loans of weavers/PWCSs/apex societies as on March 31, 2006.

Financing the credit needs of handloom weavers/societies at an interest rate of seven per cent with interest subvention to NABARD and banks from Government of India was also supported by the panel headed by Managing Director, National Bank for Agriculture and Rural Development (NABARD) set up to look into the problems of high cost of working capital in the handloom sector, he said.

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