Textile Ministry has launched an initiative for the development of knitting and the knitwear sector. The two primary components of the initiative are creation of new service centres on public-private partnership model by industry and associations in the knitting and knitwear clusters and modernization and upgradation of existing power loom service centres and institution run by the various textile research associations and export promotion councils in knitting and knitwear clusters.
Its other move includes a group work shed scheme, a yarn bank scheme, a Pradhan mantri credit scheme, a solar energy scheme, facilitation, awareness, surveys, market development and publicity for knitting and knitwear units.
The new scheme will also provide interest free corpus fund of a maximum of ₹2 crore per yarn bank to a special purpose vehicle (SPV) after submission of the bank guarantee for 25 per cent of the government share of the corpus fund in favour of the textile commissioner valid for at least three years. A minimum of 11 members are required to form an SPV.
Under the solar energy scheme for knitting and knitwear units, the government will provide financial assistance or capital subsidy to the extent of 50 per cent, 75 per cent and 90 per cent of the basic cost of the solar energy plant to the applicants of general category, scheduled caste and scheduled tribe.
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