Financial Package of Rs. 3884 Crore for Waiver of Handloom Loans

While presenting the Union Budget 2012-13 here today in LokSabha, ShriPranab Mukherjee, Finance Minister announced a financial package of Rs. 3884 crore for waiver of loans of handloom waiver and their co-operative societies. The Finance Minister has also announced setting-up of two mega handloom clusters covering Prakasam and Guntur districts in Andhra Pradesh, and Godda and neighbouring districts in Jharkhand. A powerloom mega cluster is proposed to be set-up in Ichalkaranji in Maharashtra with a Budget allocation of Rs. 70 crore in order to address the need of the local artisans and weavers.

The Finance Minister, Shri Mukherjee announced that a Rs. 500 crore pilot scheme for promotion and application of Geo-textiles will be set up in the North-Eastern region. In addition, three Weavers' Service Centers are proposed to be set up in Mizoram, Nagaland and Jharkhand. These centers provide technical support to poor handloom weavers, he stated.

Source : Equity Bulls

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