'Loans will boost industries in Rajkot'

Bank loans to the tune of Rs 550 crore over the next five years will help entrepreneurs set up around 19,000 industrial units in Rajkot, according to a survey conducted by the National Bank for Agriculture and Rural Development (Nabard).

The new industries will provide employment to around 90,000 people and boost the economy of the region, the survey said. K K Babul, district co-ordinator, Nabard, said Rajkot has a population of 31.57 lakh and a major chunk of the workforce is employed in the service and industrial sectors.

The rest work in the agriculture and allied sectors. The survey said 20 lakh people live in rural areas.

Nabard said textile dying and printing industries in Jetpur require technological upgradation. Disposal of chemical wastage and effluents is an area of concern, it said.

The industry needs money for expansion. Morbi's ceramic and sanitaryware products industry also requires technological development, it said.

Babul said engineering industries in the city, which face high power tariff and frequent hike in raw material prices, also need low-interest funding to survive.

Babul said industries manufacturing agriculture equipment, textile products, handicraft products, wooden furniture and plastic processing products have good growth potential.

Vajubhai Mavani, vice president, Laghu Udyog Bharti (Gujarat), said bank loans will help around 15,000 small-scale industries come out of crisis and upgrade technology.

Agriculture, rural industries and small-scale units are the drivers of growth in the Saurashtra region, he said.