Pradhan Mantri Credit Scheme: Industry cheers incentives to powerlooms

The schemes provide for powerloom units to not only upgrade technology but to install solar power equipment to cut energy costs

The government has introduced schemes for financial assistance of up to 90 per cent under the Pradhan Mantri Credit Scheme for powerloom weavers. 

Under this scheme, the government will provide margin money subsidy to the extent of 20 per cent of the project cost, with a ceiling of Rs 1 lakh, as well as interest subvention at six per cent per annum, both for working capital and term loans up to Rs 10 lakh for a maximum of five years.

Another scheme for the ailing powerloom sector is Sustainable and Accelerated Adoption of Efficient Textile Technologies to Help Small Industries,