Friday , November 24 2017

Labour intensive sectors may get easy credit flow soon

DIPP and Department of Financial Services among others will meet on January 23 to discuss Labour intensive issue

Labour intensive

New Delhi: Labour intensive in sectors like gems & jewellery and textiles may soon get easy flow of credit as the government is working on the subject on account of demonetization.

Top officials from the Department of Industrial Policy and Promotion (DIPP) and Department of Financial Services (DFS) among others will meet on January 23 to debate the issue.

“The discussions would be on finding ways and means to increase accessibility of credit to the labor intensive sectors so that they can create more jobs and deal with the impact of demonetization,” an official stated.

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

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

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

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