The scheme was launched at Bhiwandi and also in all powerloom centres across the nation, including Erode in Tamil Nadu through video conference.
SIMA chairman M Senthilkumar said in a statement that the powerloom sector has been facing numerous challenges due to sluggish global and domestic market conditions. Though the capacity has increased by 12 per cent in the last seven years, fabric production has increased only by 2.4 per cent during the last seven years, he said.
He was speaking after attending the launch function at Erode, which was inaugurated by Additional Secretary, Ministry of Textiles, Pusha Subrahmanyam.
He appreciated the solar power plant scheme giving 50 to 90 per cent subsidy with the lower cap for powerlooms connected to the grid and higher benefit for powerlooms that go off the grid.
Also Read
This would give great relief to states, especially Maharashtra and Tamil Nadu that account over 75 per cent of powerlooms in the country to reduce power subsidy commitment and also enable the sector to be self-reliant, he said.
He also appreciated the Pradhan Manthri Credit Scheme for powerloom weavers that provide 20 per cent margin money with a ceiling of Rs one lakh,interest subvention at the rate of six per cent, both for working capital and term loan up to Rs 10 lakh for a maximum period of five years.
Appreciating the assistance given for women entrepreneurs under Stand Up India Scheme by providing 25 per cent margin money subsidy with a ceiling of Rs 25 lakh, he lauded the Texventure Capital Fund Scheme, where financial assistance is provided up to Rs three crore invested under SIDBI Venture Capital Fund Scheme.
Disclaimer: No Business Standard Journalist was involved in creation of this content