Welcome scheme for development of knitting, knitwear sector

The Tirupur Exporters' Association Thursday thanked Union textiles minister Smriti Irani for launching a comprehensive scheme for development of the knitting and knitwear sector under 'Powertex India'.

Welcoming the salient features of the eight components of the scheme, TEA President Raja M Shanmugham said the association was confident of achieving the vision target of Rs one lakh crore by 2022 with its help.

The scheme would be highly supportive through financial assistance and beneficial to the knitting and knitwear MSMEs in Tirupur, which would also encourage new entrepreneurs to set up units in Tirupur, he said in a statement.

Highlighting the yarn bank scheme for knitting and knitwear units under Powertex India, he said the Centre would provide an interest free corpus fund of a maximum of up to Rs 200 lakh per yarn bank to a Special Purpose Vehicle (SPV).

Under the solar energy scheme, the government would provide financial assistance/capital subsidy of 50, 75 and 90 per cent of the basic cost of solar energy plant to applicants of General Category, SC, and ST, Shanmugham said.

For the solar capacity on grid upto 45 MW, the subsidy amount would be Rs 35,000 KW to the general category, while it would be Rs 52,500/ KW and Rs 63,000/KW for the SC and ST category, he said.

Smriti Irani on Thursday launched the scheme in New Delhi, simultaneously in major three clusters, Tirupur, Ludhiana and Kolkata through video conference.