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India launches scheme for developing knitwear sector

28
Feb '19
Union textiles minister Smriti Irani releasing the publication at an event to launch the schemes for development of knitting and knitwear sector. Pic: PIB
Union textiles minister Smriti Irani releasing the publication at an event to launch the schemes for development of knitting and knitwear sector. Pic: PIB
Indian textiles minister Smriti Irani today launched an initiative for the development of knitting and the knitwear sector in New Delhi. It was launched under the PowerTex India scheme that was started in April 2017 for developing the power loom sector. She also interacted with industry associations from Kolkata, Tirupur and Ludhiana through videoconference.

Knitted fabrics contribute to 27 per cent of the total fabric production in India and 15 per cent of knitted fabric produced is exported, an official release quoted the minister as saying.

The two primary components of the scheme are creation of new service centres on public-private partnership model by industry and associations in the knitting and knitwear clusters and modernisation and upgradation of existing power loom service centres and institution run by the various textile research associations and export promotion councils in knitting and knitwear clusters.

Other components include a group work shed scheme, a yarn bank scheme, a pradhan mantri credit scheme, a solar energy scheme, facilitation, awareness, surveys, market development and publicity for knitting and knitwear units.

Welcoming the initiative, president of Tiruppur Exporters’ Association (TEA) Raja M Shanmugham said the government will provide interest free corpus fund of a maximum of ₹2 crore per yarn bank to a special purpose vehicle (SPV) after submission of the bank guarantee for 25 per cent of the government share of the corpus fund in favour of the textile commissioner valid for at least three years. A minimum of 11 members are required to form an SPV.

Under the solar energy scheme for knitting and knitwear units, the government will provide financial assistance or capital subsidy to the extent of 50 per cent, 75 per cent and 90 per cent of the basic cost of the solar energy plant to the applicants of general category, scheduled caste and scheduled tribe respectively, Shanmugham added. (DS)

Fibre2Fashion News Desk – India


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