Handloom Sector to get Funds under RRR Package

HandloomIn pursuance of an earlier announcement made 2011-2012 regarding a financial package for handloom sector, a scheme titled “Revival, Reform and Restructuring (RRR)” Package was formulated.

The package inter-alia included one-time waiver of overdue loans and interest (100% principal and 25% of interest) of eligible handloom cooperative societies and individual weavers as on 31.3.2010, recapitalization of viable and potentially viable handloom cooperative societies, provision of fresh subsidized credit to handloom cooperative societies and weavers covered by providing interest subsidy of 3% for a period of three years for fresh loan with credit guarantee and carrying out legal and institutional reforms for the cooperative societies.

Only viable Apex and Primary Weavers Cooperative Societies (PWCs) were to be provided benefit under the RRR package. On the requests of various state governments, the implementation of the package was extended up to 31.12.2013 and norms were also relaxed to certain extent in the modified RRR package. The modified RRR package has been implemented upto 28.2.2014.

This information was given by textile minister, Mr. Santosh Kumar Gangwar in a written reply in Lok Sabha today.

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