India - Maharashtra government waives off loans to the tune of Rs 50,000 of weav...
Dated- 16 May , 2012 - India
Maharashtra Government today announced waiving off loans to the tune of Rs 50,000 borrowed by the weavers and handloom workers till March 31, 2010.
The decision taken by the state cabinet today will provide relief to as many as 6000-7000 weavers working on their own and those in cooperative and private sectors.
The Central Government had announced a package of Rs 3884 crore for this purpose for financial year 2011-12 and 2012-13 for the weavers across the country.
Terming the decision "historic", Maharashtra Textile Minister Naseem Khan said,"this policy would be started in Maharashtra. Centre will bear 80 per cent of cost and rest 20 percent will be borne by the state government."
Accordingly, a loan to the tune of Rs 50,000 would be waived off till March 31, 2010. After which the hand weavers would be given loan for their businesses. On this new loan for the next 3 years, three per cent interest subsidy would be given, a statement said.