Andhra waives loans of weavers, to cost state Rs 312 crores | india | Hindustan Times
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Andhra waives loans of weavers, to cost state Rs 312 crores

india Updated: Apr 02, 2010 12:04 IST
Hindustan Times
Andhra waives loans of weavers

Andhra Pradesh government would issue in a day or two a Government Order (GO) to waive the loans taken by weavers in the state in order to mitigate the suffering of the handloom weavers community, who still continue to commit suicides.

The waiver will apply to both the principal and overdue interest of all weavers as on 31.3.2010 and cost the state government a whopping Rs 312 crores.

Chief Minister K Rosaiah said that the cabinet sub-committee on weavers issues have recommended loan waiver, which was accepted by the government.

He said this was done keeping in view the plight of the weavers. This will relieve the indebtedness of weavers and weavers coop societies, enable them to get fresh working capital and help them come out of the clutches of money lenders and private finance companies, Rosaiah said.

Official sources said that the scheme will benefit over a lakh of weavers in the state.