Textiles Minister Launches Scheme For Development Of Knitwear Sector

Union Minister of Textiles, Smriti Zubin Irani launched a comprehensive scheme for the development of knitting and knitwear sector under PowerTex India in New Delhi. Apart from financial incentives, the two key elements are Yarn Bank and financial assistance for the solar energy scheme.

The yarn bank scheme for knitting and knitwear units will provide an interest-free corpus fund of a maximum of up to Rs 2 crore per yarn bank to a Special Purpose Vehicle (SPV). Under the Solar energy scheme, the government will provide financial assistance/capital subsidy to the extent of 50%, 75% and 90% of the basic cost of the solar plant to the applicants of General Category, SC, and ST respectively.

Source: Business Standard

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