Kolkata, 31 Dec (KNN) The initial 2000 powerlooms will get the benefits of the incentive policy which will be set up in Kolkata from 1st January, 2022. 

The state Micro Small & Medium Enterprises (MSME) department has come out with the 'Powerloom Incentive Policy' with an aim to extend fiscal incentives for installation of new-age shuttleless powerlooms by MSMEs in textile sector with a view to boost production of the improved quality fabrics and to create a sustainable ecosystem for MSMEs in textile sector, as published in Millennium Post. 

Chandranath Sinha, State Minister of MSME & Textiles department said, “Those who will be interested to produce fabric (cloth) abiding government norms will be provided with thread by Tantuja which will purchase the fabric from the producers.”

A four-party agreement between the enterprise, Tantuja, Directorate of Textiles & Financial institution (bank) will have to be executed by the MSMEs in the powerloom sector.

The state MSME will list the terms and conditions as a part of this agreement throughout implementation of the scheme.

The units may be in the private sector, cooperative sector and joint sector undertaking as also companies/undertakings owned and managed by the state government and the Industrial SHGs, said the news.

Facilities of bank loans will be available and under the scheme 20 percent financial assistance of the capital amount will be provided by the state government for purchasing the powerloom.

He said that in a bid to make the state self-reliant in fabric production, the state government has taken steps to set up some integrated textile parks, one of which is coming up at Kalyani in Nadia on 43 acres of land.

The government will also provide with basic infrastructure of roads, water and electricity in these parks.