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10k weavers to benefit

March 31, 2018 12:24 am | Updated 12:24 am IST - HYDERABAD

About 10,000 handloom weavers are expected to benefit from the waiver of loans for them as announced by government in Assembly recently and asserted again on Friday by Industries Minister K.T. Rama Rao in his tour of Wanaparthy.

The burden on the government was estimated to be ₹40 crore, sources said.

Though the scale of finance by banks for handloom units was decided by the NABARD, the govt. had fixed a ceiling of ₹1 lakh per weaver.

Only the principal component of the loan was to be waived by the government by paying to banks while the latter agreed to write off interest as they were mostly non-perfoming assets.

Sources said the government had not received estimate from banks about the interest component of the loans that they would forego. It was stated that the scale of finance per unit ranged between ₹30,000 and ₹40,000 also between ₹80,000 and ₹90,000 depending on the quality of cloth produced.

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