Labour intensive sectors may get easy credit flow soon

The cash crunch following demonetisation of Rs 500 and Rs 1,000 has hurt these sectors.

By: PTI | New Delhi | Published: January 16, 2017 5:19:32 pm
Apart from the provisions contained in the Contract Labour (Regulation and Abolition) Act, 1970, the rights of Contract Labourers are protected by various Labour Laws, the Committee noted. REUTERS Apart from the provisions contained in the Contract Labour (Regulation and Abolition) Act, 1970, the rights of Contract Labourers are protected by various Labour Laws, the Committee noted. REUTERS

Labour intensive sectors like gems & jewellery and textiles may soon get easy flow of credit as the government is working on the issue on account of demonetisation. Top officers from the Department of Industrial Policy and Promotion (DIPP) and Department of Financial Services among others will meet on January 23 to discuss the issue.

“The deliberations would be on finding ways and means to increase availability of credit to the labour intensive sectors so that they can create more jobs and deal with the impact of demonetisation,” an official said.

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The official said that representatives of other concerned departments besides certain bankers would attend the meeting. The sectors which would participate include footwear, auto components and construction.

The cash crunch following demonetisation of Rs 500 and Rs 1,000 has hurt these sectors.

The sectors are important as they create large number of jobs in the country and also contribute significantly in the country’s economic growth.

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