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Subsidy Schemes introduced to powerloom weavers

Wednesday, 29 Nov 2017

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The government has introduced subsidy schemes to provide financial assistance of nearly 90 percent to powerloom weavers under the Pradhan Mantri Credit Scheme.

Under this scheme, the government will provide margin money subsidy of upto 20 percent of the project cost with a ceiling of Rs 1,00,000 as well as interest subvention at six percent per annum for working capital, and term loan of upto Rs 10,00,000 for a maximum period of five years.

The government has also introduced a technology upgradation plan — Sustainable and Accelerated Adoption of efficient Textile technologies to Help Small Industries (SAATHI) — for India's ailing powerloom sector.