Handloom industry should diversify its products to attract the country’s youth: Union Finance Minister Nirmala Sitharaman | The Financial Express

Handloom industry should diversify its products to attract the country’s youth: Union Finance Minister Nirmala Sitharaman

Ease of Doing Business for MSMEs: Balaramapuram Handloom Producer Company Limited (BHPCL) should make use of the developmental market as it is environment-friendly and every weaver should get the benefit from the company’s profit, said Sitharaman.

Handloom industry should diversify its products to attract the country’s youth: Union Finance Minister Nirmala Sitharaman
The Finance Minister, Nirmala Sithraman was inaugurating the Balaramapuram Handloom Producer Company Limited (BHPCL) Common Facility Training Centre in Thiruvananthapuram, Kerala.

Ease of Doing Business for MSMEs: Union Finance Minister Nirmala Sitharaman said that the handloom industry needs to diversify its products to gain attention of the youth, as per a report by the Press Trust of India (PTI). 

The minister was inaugurating the Balaramapuram Handloom Producer Company Limited (BHPCL) Common Facility Training Centre in Thiruvananthapuram, Kerala. 

Also Read: Manufacturers want more credit flow to SMEs, interest rate cap, among measures to boost growth: FICCI survey

“The handloom industry should diversify the products for boosting profitability as well as attracting more youth to handloom products,” said Sitharaman. 

BHPCL should make use of the developmental market as it is environment-friendly and every weaver should get the benefit from the company’s profit, said Sitharaman. 

The minister said that the quality of Balaramapuram handloom products is high, mentioning that she is also wearing the same product. 

“Weavers should utilise e-marketing and the government e-marketplace portal for marketing their products. Nabard (National Bank for Agriculture and Rural Development) will provide support in this regard. The Central government is ready to consider any proposal from the state for the development of Balaramapuram,” she added. 

Union Minister of State for External Affairs Vellamvelly Muraleedharan, who delivered the keynote address in the event, said the Centre was taking various steps to ensure timely changes in the industry. During the event, Sitharaman also honoured veteran handloom weavers from Balaramapuram.

Also Read: Microfinance: 82% of loan portfolio concentrated in 10 states only, says RBI deputy governor

Meanwhile, the state’s minister for Industries, P. Rajeeve in August informed that a committee had been appointed to study on ways to strengthen the handloom sector, especially its marketing in the state. Attempts to produce more value-added products to expand the market for handlooms will be made, he added. 

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First published on: 07-11-2022 at 06:59:54 pm
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