Indian Economy

Govt of India is implementing Venture Capital Fund for Powerloom and Allied Products and Services

Development of Powerloom Sector in the Country

Posted On: 22 SEP 2020 2:29PM by PIB Delhi

The Government of India is implementing the Venture Capital Fund for Powerloom and Allied Products and Services (TEX-Fund), as a component under PowerTex India scheme w.e.f. 01.04.2017. The TEX Fund has a minimum corpus of Rs.35 crores with Government of India’s contribution of Rs.24.50 crores and the Small Industries Development Bank of India (SIDBI) has a minimum contribution of Rs.10.50 crores. SIDBI Venture Capital Limited (SVCL) is the Investment Manager of the TEX-Fund.

The TEX-Fund is aimed at providing equity investment to micro and small enterprises in the powerloom sector to boost innovation in the industry by creation of brands and generation of intellectual property and enable development of the Powerloom Sector and allied activities. A toll-free helpline 1800222017 has also been launched to provide multiple support services for availing benefits of PowerTex India Scheme. The mobile app i.e. iPowerTex can be downloaded from google play store.

This information was given in a written reply by the Union Minister of Textiles, Smt. Smriti Zubin Irani in Rajya Sabha today.