The Prime Minister Shri Atal Bihari Vajpayee has said that the Artisan Credit Card Scheme will prove to be an important step in meeting the credit needs of the weavers and artisans at an affordable rate. He was speaking after launching the scheme here today. The Prime Minister said that there are about one crore twenty five lakh weavers and artisans in the country, most whom are landless. They need credit at reasonable rates to compete effectively both at home and abroad . He said, being landless, they are forced to borrow at higher interest. The Prime Minister said, the scheme has been prepared keeping this in view. The Prime Minister distributed cards to eight beneficiaries to mark the launching of the scheme.

The scheme was simultaneously launched in Etawah by Uttar Pradesh Chief Minsiter Shri Mulayam Singh Yadav, in Bhubaneswar by Orissa Chief Minster Shri Naveen Patnaik and in Hyderabad by Andhra Pradesh Ckhief Minister Shri Chandrababu Naidu with the three centres connected to Delhi through videoconference.

Speaking on the occasion the Minister for Textiles Shri Syed Shahnawaz Hussain said that the Prime Minster had announced the scheme in his address to the nation on the Independence Day. He said, we have now fulfilled the promise. The country earns foreign exchange worth 12 billion Dollars by exporting handicrafts, handlooms, garments and textiles. He said, the scheme has been prepared in association with the Indian Bank Association. Shri Hussain said, we need to create conditions to make our weavers and artisans competitive as the quota system ends in 2004. He hoped that the credit card will be an important step in that direction.

Under the scheme the maximum credit limit is Rs. 2 lakh and it carries an interest of nine percent. However, women borrowers will get half a percent rebate in interest.