Srinagar, Oct 8 (SocialNews.XYZ) Artisans and weavers of Jammu and Kashmir have been provided loan of Rs 14.71 crore in the first and second quarters of the current fiscal year (CFY), government officials said on Thursday.
Of the 3,885 applications sponsored to banks, 1,332 have been sanctioned and 1,054 disbursed by the end of September 2026.
Sharing details in a press statement issued here on Thursday, spokesman of the Handicrafts and Handloom Department said that the department is working with lead banks and other financial institutions to widen access to this facility.
"The funds are meant to help craftspeople set up independent units and buy raw material and tools in a sector that remains heavily labour-intensive," he added.
The spokesman also said that the beneficiaries also receive interest subvention of seven per cent on a tapering basis for five years, designed to help new units become self-sustaining.
"Since the credit limit was raised from Rs 1 lakh to Rs 2 lakh in 2020, in line with the Wool Processing, Handloom and Handicrafts Policy, more than 10,000 craftsmen have taken loans totalling Rs 151 crore," he added.
Over the same period, the department has provided interest subvention of Rs 19 crore to support these unit-holders, the spokesman said.
The scheme is aimed at reducing dependence on informal credit and giving traditional crafts a more stable financial footing.
By easing access to formal loans for tools, raw material and small production units, the department hopes to help artisans and weavers expand output, retain younger craftspeople in the trade and strengthen Kashmir's handloom and handicraft economy.
Artisans and weavers can apply online at singlewindow.jk.gov.in to avail the benefits of the scheme.
Common Service Centres set up across districts are available to help with the registration.
The spokesman urged the financial institutions and lead banks to treat the craft sector as under priority lending and extend timely, hassle-free credit so that small unit-holders can build a stronger and more self-reliant base.
Source: IANS
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