Government has approved a new scheme to provide financial assistance in the form of capital subsidy to small powerloom units for installation of solar photovoltaic (SPV) plants.
The scheme aims to alleviate the problem of power cuts faced by the decentralised powerloom units in the country.
"The funds requirement for the three years (2017-18, 2018-19 and 2019-2020) would be Rs 19.95 crore covering 480 powerloom units," Union Textiles Minister Smriti Irani said in a written reply in the Rajya Sabha.
The subsidy is expected to make power cost economical for the looms and make the units self-sufficient on the power front while the government can supply grid power to other industries.
Disclaimer: No Business Standard Journalist was involved in creation of this content
