Current Affairs

Yarn Bank Scheme

The Ministry of Textiles, Government of India had launched the Yarn Bank Scheme as one of the components of PowerTex India Scheme with an aim to avoid fluctuation in yarn price.
Yarn Bank Scheme

Objectives of the Yarn Bank Scheme are:

  • To provide interest-free corpus fund to Special Purpose Vehicle (SPV) or Consortium to enable them to purchase yarn at a wholesale rate and give the yarn at a reasonable price to the small weavers.
  • To avoid middleman and local supplier's brokerage charge on the sales of yarn.

Financial Assistance under the Scheme:

  • Under the Scheme, an interest-free corpus fund up to Rs 2 crore would be provided to the Special Purpose Vehicle (SPV)/Consortium formed by power loom weavers.

What is PowerTex India?

  • PowerTex India is a comprehensive scheme for the development of the power loom sector.
  • PowerTex India aims to boost common infrastructure and modernise the power loom sector in the country.
The components of the PowerTex India Scheme are:
  • In-situ Upgradation of Plain Power looms.
  • Group Workshed Scheme (GWS).
  • Yarn Bank Scheme.
  • Common Facility Centre (CFC).
  • Pradhan Mantri Credit Scheme for Power loom Weavers.
  • Solar Energy Scheme for Power looms.
  • Facilitation, IT, Awareness, Market Development and Publicity for Power loom Schemes.
  • Tex Venture Capital Fund.
  • Grant-in-Aid and Modernisation & Upgradation of Power loom Service Centres (PSCs).

Question:

Q. The Ministry of Textiles, Government of India had launched which scheme as one of the components of PowerTex India Scheme with an aim to avoid fluctuation in yarn price?
a. Yarn Price Scheme
b. Yarn Bank Scheme
c. Yarn Storage Scheme
d. Yarn Deposit Scheme
Yarn Bank Scheme Yarn Bank Scheme Reviewed by Inderjeet Virdi on January 07, 2019 Rating: 5

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