Andhra Pradesh Handlooms Weavers Cooperative Society to implement 2022 PRC recommendations for its employees
The decision was taken at a governing body meeting held at the APCO central office in Vijayawada on Wednesday under the chairmanship of the Special Chief Secretary, Handlooms and Textiles Department, R.P. Sisodia. The board discussed several key issues related to the development of handloom workers and approved vital proposals.
Mr. Sisodia said despite financial challenges faced by APCO, the institution was focused on developing a comprehensive action plan for its growth, while addressing aspirations of the employees. The board's decision to revise salaries would benefit APCO's permanent employees. Additionally, the board approved a proposal allowing the employees to monetise 15 days of earned leave annually.
The Managing Director of APCO, Vishwa Manoharan, said the board had endorsed several strategic decisions for the APCO's progress. It was decided to formulate an action plan based on a report by the Indian Institute of Management (IIM), which conducted a study on APCO's operations. It was also decided to release pending dues to cooperative societies, informed Mr. Manoharan and announced plans to modernise APCO's website to promote global sales. He said products from APCO and Lepakshi would be made available in both institutions' showrooms.
Commissioner for Handlooms and Textiles G. Rekha Rani said the government was committed to ensuring better wages for handloom workers.
Members of the governing body, including NABARD Assistant General Manager Milind Chousalkar, APCOB Chief General Manager Narra Venkat Ratnam, Regional Director of National Cooperative Development Corporation (NCDC) Snehangshu Goswami and Industries Department Deputy Secretary N. Veera Vijaya Kumari attended the meeting in online mode. APCO officials including General Manager Nageswara Rao, Assistant General Managers Harikrishna, Benhar and Sai Babu and others were also present.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
4 days ago
- Mint
Tariff risk drives another round of Asia forecast downgrades
SINGAPORE—A fresh wave of growth forecasts for Asia highlights the threat posed by tariffs to the region, even as trade deals gather pace. The Asian Development Bank and multilateral organization Asean+3 Macroeconomic Research Office, or Amro, both lowered growth projections for major Asian economies, citing the impact of U.S. trade policy. Asia-Pacific has weathered a tough external environment this year, 'but the economic outlook has weakened amid intensifying risks and global uncertainty," said ADB chief economist Albert Park. Strong domestic demand and export front-loading supported regional economies in the first half of the year, but that momentum is expected to weaken, the Philippines-based multilateral bank said in a report Wednesday. The ADB now projects gross domestic product growth for developing Asia at 4.7%, down from April's forecast of 4.9% and the 5.1% expansion recorded in 2024. Next year, growth in developing Asia, which comprises 46 ADB members including China, South Korea and India, is forecast to slow further to 4.6%. Southeast Asia will be hit hardest by worsening trade conditions and persistent uncertainty, the ADB warned. Although several Southeast Asian nations have negotiated for lower tariffs, analysts say that won't offset the blow of high trade barriers, economic fragmentation and policy shocks. Growth in Vietnam, the first to get a deal, is still expected to slow through 2025 and 2026 as U.S. tariffs dampen export demand. The ADB cut Vietnam's GDP growth projections to 6.3% in 2025 and 6.0% in 2026, from 6.6% and 6.5%, respectively. Those who have yet to reach a compromise, such as South Korea or Taiwan, face significant 'reciprocal" tariffs on U.S.-bound exports if no agreement is reached by Aug. 1. The temporary trade truce between the U.S. and China is also set to expire in August. 'A renewed imposition of the U.S. reciprocal tariffs or a re-escalation in US-PRC [People's Republic of China] trade tensions could reduce regional growth by 0.5 to 1.4 percentage points," the ADB said. A faster deterioration in China's property market also poses a risk to regional growth, it added. China's latest batch of property data showed the sector has yet to recover, with housing prices and investment still subdued as officials struggle to revive demand. Beijing's other stimulus efforts, including for consumption, helped the economy grow in the first half of the year, but the outlook for the rest of 2025 remains challenging, the ADB said. For now, it maintains its growth forecasts for China at 4.7% this year and 4.3% in 2026. Beijing has a target of 5% for this year. Tariff pressures also led ADB to trim growth views for India to 6.5% and 6.7% in 2025 and 2026, respectively. South Korea's forecast was lowered to 0.8% this year and 1.6% the next year. Amro echoed concerns about a continued lack of clarity on Trump trade policy. 'Tariffs will likely reduce U.S. demand, increase investment uncertainty and dampen consumer confidence," the multilateral organization said. The resulting global slowdown will further impact ASEAN+3, which includes the 10 Association of Southeast Asian Nations members, plus China, Japan, and South Korea. Amro expects regional growth to slow to 3.8% this year and 3.6% next year. Under a scenario where U.S. tariffs on China revert to April 2 levels, BRICS-aligned economies face an additional 10% duty, and previously exempt goods incur a 25% levy, growth could drop below 3% next year, Amro estimates. Non-tariff protectionist measures, such as stricter investment regulations, could magnify the impact, it added.
Time of India
15-07-2025
- Time of India
Study finds 93 pc of low-income salaried individuals rely on credit cards
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Reflecting growing reliance on credit cards among low-income groups, a study has found that around 93 per cent of salaried respondents earning less than Rs 50,000 per month rely on the plastic study, which analysed the financial behaviour of over 20,000 salaried and self-employed individuals in India over a 12-month period, stated that 85 per cent of self-employed individuals rely on credit Now Pay Later (BNPL) services are also not behind with 18 per cent of self-employed and 15 per cent salaried persons using these products, the study by released on Tuesday, stated."In India's evolving credit landscape, products once seen as aspirational, credit cards and BNPL are now essentials for everyone, from salaried professionals to gig workers," Founder and CEO Amit Das report also underlined the growing dominance of fintechs, which are leading India's digital lending FY23, fintechs disbursed over Rs 92,000 crore in personal loans, accounting for 76 per cent of all new loan originations by volume, the study figures reflect how underserved income segments are turning to short-term, digital-first credit products to manage cash flow, the study said, while calling for lenders to adapt their risk assessment models and use smarter AI-driven credit evaluation is a global full-stack data science and AI-focused firm.
Time of India
15-07-2025
- Time of India
Fintech majors are counting on co-branded cards in returns play
Academy Empower your mind, elevate your skills Major Indian fintechs operating on the UPI network are expanding their credit portfolio to generate steady revenue from the business as the government continues to provide UPI payments free of Pay, the second largest UPI payment application, is working on building a co-branded credit card product in partnership with Axis Bank , according to two people in the comes after Google Pay launched gold loans with Muthoot Finance late last year and personal loans before that on the popular payment application. Google Pay offers personal loans between Rs 30,000 to Rs 10 lakh with tenures between six months to six years. For gold loans, Google just acts as a sourcing channel, where customers can reach out to Muthoot Finance and secure a doorstep Pay and Axis Bank did not respond to ET's PhonePe, the most popular UPI payment application, launched a co-branded credit card in partnership with HDFC Bank "This is mostly a distribution strategy from the likes of Google Pay. Fintechs which help source a credit card customer for banks can get around ₹1,000 to ₹1,200 as a sourcing commission," said a founder of a lending startup that works with multiple fintechs to source fintechs have a large base of customers who are engaging with the app on a regular basis, so the idea is to find out means of cross-selling products to this customer base, according to industry insiders."In terms of scale these UPI apps would be disbursing around Rs 50 crore per month, while they get good volumes from customers checking their credit scores, not many of them actually qualify for a loan through these apps," said a second founder who also runs a digital lending a single quarter, Paytm , which as a consumer-facing app runs one of the most successful lending operations, disburses around Rs 1,500 crore in personal get two major things out of these partnerships, one is they build stronger engagement with their customers and second, they generate a commission for sourcing a customer for these lenders. As per industry estimates, a personal loan product carries a commission of around 2% of the amount disbursed and for gold loan it would be less than 0.3%.For the US-based technology giant, Indian fintech play has been mostly restricted to running the payments app, which processes around 6.5 billion transactions monthly. But now, as revenue generation through core payments becomes tougher every day, Google is also opening up to offering more credit products and scaling them another American tech giant active in the Indian fintech ecosystem, runs a successful co-branded credit card in partnership with ICICI Bank with more than five million users and is looking to secure a non-banking finance company licence by acquiring Axio (previously Capital Float).
