Quick update: Centre to modernise powerlooms, set up bank for weavers

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SummaryIndia’s engineering exports to its one of the biggest destination—the US—has dipped by about 10% to $3.90 billion during April-November

Centre to modernise powerlooms, set up bank for weavers

The Centre has set a target of modernising 23 lakh powerlooms and also establishing a separate bank to meet the financial needs of weavers. Nearly 23 lakh powerlooms would be modernised nationwide in the next few years, Union minister for textiles Kavuri Sambasiva Rao said. A Yarn Bank will be established soon to meet financial needs of weavers, he said.

Engineering exports to US dips 10% in April-Nov: EEPC

India’s engineering exports to its one of the biggest destination—the US—has dipped by about 10% to $3.90 billion during April-November this fiscal due to slowdown in global demand. "The shipments to the US dropped by 9.19% to 3.90 bn during April-November this fiscal from $4.3 bn and the country is among India's largest destination," Engineering Export Promotion Council (EEPC) said. Similarly, the exports to Germany fell by about 6% to $1.3 bn during the period. “The signs of recovery in some of the countries like the US are hazy. This way, there was a drop in the overall engineering exports by over 14% in November,” EEPC India chairman Anupam Shah said.

Coir exports stay high despite sluggish demand in West

Coir exports during the first seven months of the fiscal were relatively higher in value and volume despite sluggish demand from most of the developed markets. India is the largest exporter of coir products such as mats, matting and rugs, and estimates say that coir exports would touch the R1,200-crore mark in the current fiscal. According to data provided by the Coir Board, exports have increased in volume by 13.43% and value by 12.33% between April and October to touch 292,741 tonne, valued at R760.96 crore. During the same period last fiscal, coir exports stood at 258,082 tonne, valued at R677.41 crore. Coir exports from the nation during the last fiscal touched a record high of R1,116.02 crore.

IFC’s $150m financing to Yes Bank to boost lending to women

IFC, a member of the World Bank Group, is providing a $150 million financing package to Yes Bank to expand access to finance for women-owned small businesses and create jobs in India. In South Asia, this is IFC’s first credit line with a gender component that will help Yes Bank increase its lending to small businesses in India’s low income states, including in the north-east region. The financing package includes a loan from IFC’s own

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