Tirupur : Smriti Zubin Irani, the Union Minister of Textiles launched a comprehensive scheme for development of the knitting and knitwear sector with various components under Powertex India in New Delhi.
Tirupur : Smriti Zubin Irani, the Union Minister of Textiles launched a comprehensive scheme for development of the knitting and knitwear sector with various components under Powertex India in New Delhi. The scheme was launched simultaneously in three major clusters, Tirupur, Ludhiana and Kolkata through video conference.
In a press release issued today, Raja M Shanmugham, President, Tirupur Exporters’ Association (TEA) thanked the Union Minister for launching the scheme and also welcomed the salient features of the eight components. He was confident of achieving the vision target of Rs.1,00,000 crores by 2022.
He felt that the scheme would be highly supportive through financial assistance and beneficial to the knitting and knitwear MSMEs in Tirupur, and pointed out that this will also encourage new entrepreneurs to set up units in Tirupur.
While highlighting the yarn bank scheme for knitting and knitwear units, the President said the Government shall provide interest free corpus fund, maximum up to Rs.200 lakh per yarn bank to Special Purpose Vehicle (SPV) – with minimum 11 members required to form SPV after submission of the bank guarantee for 25 percent of the Government share of the corpus fund, for 25 percent of the Government of India share, in favour of the Textile Commissioner, valid for at least a three year period.
Under the solar energy scheme for knitting and knitwear units, the Government of India will provide financial assistance and capital subsidy to the extent of 50 percent, 75 percent and 90 percent of the basic cost of the solar energy plant to the applicants of the General Category, SC, and ST respectively.
Raja M Shanmugham said that for the solar capacity on grid up to 45 MW, the subsidy amount would be Rs.35,000 / KW for the General Category and for SC and ST, the subsidy would be Rs.52,500 / KW and Rs.63,000 / KW respectively.
In a press release issued today, Raja M Shanmugham, President, Tirupur Exporters’ Association (TEA) thanked the Union Minister for launching the scheme and also welcomed the salient features of the eight components. He was confident of achieving the vision target of Rs.1,00,000 crores by 2022.
He felt that the scheme would be highly supportive through financial assistance and beneficial to the knitting and knitwear MSMEs in Tirupur, and pointed out that this will also encourage new entrepreneurs to set up units in Tirupur.
While highlighting the yarn bank scheme for knitting and knitwear units, the President said the Government shall provide interest free corpus fund, maximum up to Rs.200 lakh per yarn bank to Special Purpose Vehicle (SPV) – with minimum 11 members required to form SPV after submission of the bank guarantee for 25 percent of the Government share of the corpus fund, for 25 percent of the Government of India share, in favour of the Textile Commissioner, valid for at least a three year period.
Under the solar energy scheme for knitting and knitwear units, the Government of India will provide financial assistance and capital subsidy to the extent of 50 percent, 75 percent and 90 percent of the basic cost of the solar energy plant to the applicants of the General Category, SC, and ST respectively.
Raja M Shanmugham said that for the solar capacity on grid up to 45 MW, the subsidy amount would be Rs.35,000 / KW for the General Category and for SC and ST, the subsidy would be Rs.52,500 / KW and Rs.63,000 / KW respectively.