Handloom weavers to get loans to buy powerlooms

Govt to provide Rs 1 lakh as subsidy, an equal amount as soft loan

Here to attend the Hampi Utsav, Karjol  said handloom weavers were in distress as they were unable to compete with powerloom weavers.

Hence the government was extending the loans at low rates of interest. Of the loan, Rs one lakh would be subsidy.

The minister said during his consultations with the  Department of Finance, it had been decided to extend the loans through banks.

But, since the weavers may encounter difficulties in meeting the strict eligibility norms of nationalised banks loans, it had been decided to extend the credit through district cooperative banks, Karjol said.