• The Cabinet has approved a 2,350 crore rupees package for crisis-ridden handloom weavers, mostly concentrated in Uttar Pradesh. The package is part of the 6,234 crore rupees scheme for handloom weavers announced last month by Commerce and Industry Minister Anand Sharma.

  • The package comprised 3,880 crore for the loan waivers for three lakh individual weavers and 15,000 cooperative societies and 2,350 crore rupees for implementing a six-fold strategy, which includes providing weavers subsidised bank credit and hank yarn.

  • The Rs 2,350 crore package includes providing interest subvention of three per cent for three years to the weavers who will also get subsidized yarn from the National Handloom Development Corporation.

  • The subsidised credit will be made available for the SIDBI, NABARD and the nationalized banks