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The Southern India Mills’ Association

Committed to Foster the Growth of the Textile Industry

Textile ministry seeks more funds for powerlooms

The textiles ministry, which had allocated a sum of Rs 126.76 crore for the Power Tex India scheme, is planning to seek an additional Rs 33.27 crore for 2017-18, textile minister Smriti Irani said earlier this week in the Rajya Sabha. The Rs 33.27 crore would be in the form of supplementary demand for grants, the minister said, adding that of the Rs 126.76 crore allocated for 2017-18, Rs 83.08 crore has already been spent till now.
The information came in response to a question by R Vaithilingam of AIADMK, who also sought to know if the government is considering to enhance the capital subsidy for powerlooms in the country.
Irani said that there was no proposal as yet on enhancing the capital subsidy from the present 10% to 30 per cent. Irani also said that in the period 2017-18, 48 yarn bank proposals and 118 group work shed proposals have been approved. “Only two applications for group work sheds are pending,” the minister added.
The ministry of textiles announced the yarn bank scheme under Power Tex India with an objective of providing interest free corpus fund to special purpose vehicles or consortiums to enable them to purchase yarn at wholesale rate and give the yarn at a reasonable price to small weavers.