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`Rs 1 cr margin money for starting rural industries lying idle'

Our Correspondent

Madurai , Jan. 10

A MARGIN money of Rs 1 crore allotted for starting rural industries in 10 southern districts of the State remain unclaimed, according to the Madurai Divisional Director of Khadi and Village Industries Commission(KVIC), Mr R. Rajan.

The margin money extended under the Rural Employment Generation Programme of KVIC needed adequate promotional measures from the financial institutions, he added.

He said, under the programme, KVIC provided financial assistance through nationalised banks for rural artisans, unemployed youth and entrepreneurs to start new industrial units in the villages with a subsidy of 25-30 per cent of the project cost.

The Madurai Division has used so far only Rs 48 lakh of the allotted amount till the third quarter of the current fiscal. While Madurai district has used 70 per cent of the amount earmarked, Pudukottai, Sivaganga and Ramanathapuram districts have benefited the least, he said.

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