Textile Ministry launches scheme to develop knitting and knitwear sector

The Union Textile Ministry has launched a comprehensive Scheme for the development of the knitwear sector under PowerTex India.

Apart from financial incentives the two key interesting elements are Yarn Bank and financial assistance for  the solar energy scheme. The scheme was launched simultaneously in three major clusters, Tirupur, Ludhiana and Kolkata.

Industry representatives said the scheme would help in achieving the vision target of Rs 1 trillion by 2022. The sector accounts for 27 per cent of the total cloth production and about 15 per cent of the knitted fabric is exported.

Raja M Shanmugham, President, Tirupur Exporters Association said the scheme