In a significant boost to the cooperative textile sector, the National Cooperative Development Corporation (NCDC) has sanctioned Rs 12 crore as working capital assistance to Ramdas Athavale Magaswargia Kapus Utpadak Shetkari Sahakari Sootgirni Ltd., Yavatmal, Maharashtra. The society, promoted by members of the Scheduled Caste community, is a first-time borrower under NCDC’s financial assistance programme.
The sanction letter was handed over by Rohit Gupta, Deputy Managing Director, NCDC, to Mahendra N. Mankar, Chairman of the cooperative during a ceremony held in New Delhi.
The financial assistance is expected to strengthen the cooperative’s working capital position, enabling it to undertake bulk procurement of cotton and improve the operational efficiency and productivity of its spinning mill.
The support is also expected to enhance value addition, generate rural employment, and provide better returns to cotton-growing farmer members.
