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Andhra Pradesh Government is planning to set up a dedicated bank for 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 set up,” Handlooms and Textiles Minister G Prasad Kumar told reporters today.
He said Chief Minister N Kiran Kumar Reddy instructed officials of Department of Finance to release Rs 191 crore to clear the dues of handloom cooperative societies.
The minister said a powerloom cluster will be set up at Pedana village in Krishna district with an investment of Rs 2 crore on 10-acre land.
A Handloom conference will also be held in Hyderabad on October 20, he said, adding various stake—holders in the sector will attend the meeting.
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