A three-year Comprehensive Scheme for Powerloom Sector Development, launched by Union Textile Minister Smriti Zubin Irani at Bhiwandi on Saturday and simultaneously at 47 powerloom centres in the country, aims to boost common infrastructure and modernisation of the powerloom sector.
The scheme, with an outlay of Rs. 487 crore for three years from 2017-2018, has nine major components, including two new ones.
The two new schemes are: Pradhan Mantri Credit Scheme for powerloom weavers and solar energy scheme for powerlooms.
Existing powerloom units, new ones, and group enterprises in weaving will now get 20 % of project cost with a ceiling of Rs. 1 lakh as margin money subsidy and 6% interest subvention, both for working capital and term loan up to Rs. 10 lakh for a maximum period of five years.
