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Indian textile ministry wants more funds for powerlooms
29
Dec '17
The Indian textiles ministry, which had allocated a sum of Rs 126.76 crore for the Power Tex India scheme for 2017-18, is planning to seek an additional Rs 33.27 crore in the form of supplementary demand for grants, textiles minister Smriti Irani recently informed the upper house of parliament. Rs 83.08 crore has already been spent from the allocation.

There is no plan to enhance the capital subsidy for powerlooms from the present 10 per cent to 30 per cent, she said responding to a question.

Forty eight yarn bank proposals and 118 group work shed proposals have been approved In fiscal 2017-18, she said, according to a report in a top Indian daily.

The ministry of textiles announced the yarn bank scheme under Power Tex India to provide interest-free corpus fund to special purpose vehicles or consortiums, enabling them to purchase yarn at wholesale rates and offer at a reasonable price to small weavers. (DS)

Fibre2Fashion News Desk – India


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