Handicraft Artisans Current Affairs - 2020
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On March 13, 2020, the Reserve Bank of India revised exposure limits of Urban Cooperative Banks. Earlier the RBI permitted 15% of its capital funds to single borrowers and 40% of its funds to group of borrowers. It has now revised the group of borrower fund limit to 25% of its funds.
Apart from Exposure limit, the central bank also increased the Priority Sector lending to 75%. These changes were introduced by the Reserve Bank of India through a notification.
The Exposure Limit is the maximum credit a bank avails to its borrower. In simple terms, higher the exposure limit, higher are the loans available to its customers.
Priority Sector Lending
It is an important role provided by the RBI to banks. The priority sectors include agriculture, micro and small enterprises, low income groups, poor people for housing, education loans, loans for weaker sections.
- Agriculture and allied activities include farmers and self-help groups
- The loan to small scale industries are also Priority Sector Lending. Direct Finances under this category include processing, preservation of goods, manufacturing. Indirect Finances in the category include cottage industries, artisans, cooperatives of producers and artisans.
Tags: Agriculture • Handicraft Artisans • MSME loans • RBI • Urban Cooperative Banks (UCB)
The Ministry of Minority Affairs will organize more than 100 Hunar Haat in the next five years. The move aims to increase employment opportunities to craftsmen, artisans and culinary experts and also to increase their market exposure.
The Ministry will organize Hunar Haats in Chennai, Delhi, Kolakata, Bengaluru, Lucknow, Patna, Dehradun and Indore. The ministry has also sanctioned to set up more than 100 Hunar hubs in different parts of the country.
The Ministry in its report said that more than 65,000 artisans and craftsmen have been employed through Hunar Haats in the last 2 years.
Indian Handicrafts have great recognition in international market. US and EU are the major destinations that account to 65% of export of Indian handicrafts. China is a new buyer. Other countries where Indian crafts have great market includes Israel, Uruguay, Columbia and chile. In 2019, India exported 128 billion rupees worth handicrafts. Last year, it stood at 118 billion rupees. The increase is 9%.
The GoI has taken several steps to develop the handicraft sector. Government set up Indian Institute of Carpet at Bhadohi. It also reduced interest rates to MUDRA loans provided to handicrafts and artisans. The custom duties and exercises that were paid for importing inputs of handicrafts were refunded through Duty Drawback Channel.
Tags: Export • Handicraft Artisans • Handicrafts • Hunar Haat • Ministry of Minority Affairs