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India launches ₹477.2 million development scheme for knitwear sector

Recently Union Minister for Textiles Smriti Zubin Irani has launched a comprehensive program for the development of Indian knitting and knitwear sector under the PowerTex India scheme. The ₹477.2 million development scheme will be in operation till the end of March next year, according to a statement from the Textiles Ministry.

Indian knitwear sector
Figure: The ₹477.2 million development scheme will help develop knitwear sector.

The total outlay for PowerTex India Scheme and the Knitwear Scheme is ₹4.87 billion. Of this, ₹4.39 billion is for power loom units for three years from April 1, 2017 to March 31, 2020 and ₹477.2 million for the knitwear scheme. Almost ₹1.7 billion were disbursed to the power loom sector till January 31, 2019.

Knitting is a major segment in the textile value chain, constituting 27% of the total fabric produced in India.

Of the knitted fabric produced, 15% is exported. Some of the major knitwear clusters in India are Tripura, Ludhiana, Kanpur, and Kolkata, said the Textiles Minister.

The program for knitting and knitwear units, catering to domestic and exports markets, has eight components where the factories would get support to install machinery under group work shed scheme, buy yarn, go in for solar energy, have common facilities and create new service centers under public-private partnership mode.

“Since the scheme is for knitting and knitwear units, stitching machinery can also be installed under the group work shed scheme,” said K. Selvaraju, Secretary General, Southern India Mills’ Association (SIMA).

The scheme will develop the industry in clusters. Units just coming up will benefit as there is support for joint investment. Experts of the regarding sector are expecting that the scheme will help develop this sector.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

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