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21 Jul 2019, Edition - 1468, Sunday

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Coimbatore

Tirupur welcomes scheme for development of knitting, knitwear sector

Covai Post Network

Coimbatore : Tirupur Exporters’ Association (TEA) thanked the Union textile minister, Smriti Irani for launching a Comprehensive Scheme for development of Knitting and Knitwear Sector under Powertex India.

Welcoming the salient features of the eight components of the scheme, TEA President, Raja M Shanmugham said that he 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 will also encourage the new entrepreneurs to setup units in Tirupur, he said in a statement.

While highlighting yarn bank scheme for knitting and knitwear units, he said the Government shall provide interest free corpus fund maximum up to Rs.200 Lakh per yarn bank to Special Purpose Vehicle (SPV)–Minimum 11 members are required to form SPV, after submission of the Bank Guarantee for 25 per cent of the Government share of the corpus fund, for 25 per cent of the Government of India share in favour of Textile Commissioner valid for at least three years period.

Under Solar energy scheme, the Government shall provide financial assistance/ capital subsidy to the extent of 50, 75 and 90 per cent of the basic cost of Solar energy plant to the applicants of General Category, SC, and ST respectively.

He said for the solar capacity on grid up to 45 MW, the subsidy amount would be Rs.35,000/ KW to the General Category and for SC and ST, the subsidy would be Rs.52,500/ KW and Rs.63,000 / KW respectively.

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

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