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Related Keywords: combines elements of concessional credit, credit guarantee cover, every stateand UT to prepare action plan, five lakh handloom weavers, handloom cluster, interest subvention, New model formulated under Mudra scheme, next three years, provide credit to handloom sector, set target of extending MUDRA loans, such as margin money, textiles ministry

With the government formulating a new model under MUDRA scheme for providing credit to handloom sector under which it has combined elements of concessional credit such as margin money, interest subvention and credit guarantee cover. The Textiles Ministry on June 29 said that it has set a target of extending MUDRA loans to five lakh handloom weavers in the next three years.

The ministry has requested every state and UT to prepare a three-year action plan to achieve the five lakh target.

Related Keywords: bring down cost of production, focus of export and domestic markets, generate employment, increase production, interest subvention, introduce more value added products, labour wages, new modified and simplified textile policy, penetrate into newer markets, productivity of textile sector, Rashmi Verma, relaxation in labour laws, tax incentives

The government to soon announce a new modified and simplified textile policy that aims at increasing the production and productivity of textile sector, generating more employment, bringing down the cost of production, penetrating into newer markets, and introducing more value added products and focusing both on exports and domestic markets , said Textiles Secretary Rashmi Verma.