Andhra govt mulls special bank for handloom sector

The Andhra Pradesh government is planning to set up a dedicated bank for the handloom and textiles sector with initial investment of Rs 200 crore.

October 18, 2012 / 17:40 IST

The Andhra Pradesh government is planning to set up a dedicated bank for the handloom and textiles sector with initial investment of Rs 200 crore. "The bank will provide interest-free loans to handloom cooperative societies and weavers once it is set up," handlooms and textiles minister G Prasad Kumar said on Thursday.

He said the Chief Minister N Kiran Kumar Reddy instructed officials of the department of finance to release Rs 191 crore to clear the dues of handloom cooperative societies.

The minister said that a powerloom cluster will be set up at Pedana village in Krishna district with an investment of Rs 2 crore on 10-acre plot. A handloom conference will also be held in Hyderabad on October 20, he said, where various stake-holders in the sector will participate.

first published: Oct 18, 2012 03:00 pm

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