AP CM promises to waive loans of handloom sector

Andhra Pradesh Chief Minister N Chandra Babu Naidu today said loans of all the handloom units in the state would be waived, on the lines of waiver for farm loans.
Naidu attended a handloom workers convention here today.
He announced that the state government would purchase the unsold stocks of handloom workers and handloom co-operative societies.
The government would release Rs 10 crore for APCO (apex body of weavers societies) to purchase the stocks from weavers and societies and sell these stocks in the market at a concession, he said.
Naidu also announced 20 per cent subsidy on the purchase of yarn.

The globalisation and liberalisation had impacted the handloom sector badly and those who depend on it for livelihood should be protected, Naidu added.