Arunachal Pradesh inks MoU with NABARD for a loan aiver scheme

ITANAGAR: The Arunachal Pradesh government has signed an agreement with National Bank for Agriculture and Rural Development ( NABARD) for a loan aiver scheme under the Revival Reform Restructuring (RRR) package scheme of the union Ministry of Textiles.

The MoU was inked here yesterday by union development commissioner (Handloom), and state Handloom & Textiles secretary, and NABARD in presence of Union Textiles Minister Dr Kavuru Sambasiva Rao, who was on a day-long visit to the state, official sources said here today.

The scheme would provide for waiving of outstanding loan for sick handloom units to encourage weavers and cooperative societies to revitalise.

As per the MoU, loan (non-performing assets) up to Rs 50,000 would be waived providing a great relief to the weavers of the state who have been struggling to promote the sector to boost the rural economy, sources said.

Rao said the experts' team would identify areas for sericulture cultivation, work out strategy for training and value-addition besides taking up sericulture in 40 to 50 acres which would yield an annual income up to Rs 200 to Rs 300 income and would bring a revolution in rural income.