Chief minister N Kiran Kumar Reddy, on Monday, reviewed issues related to powerlooms and sericulture, and agreed to release, towards their resolution, Rs. 87 crore as the first instalment immediately, and another Rs. 224 crore by March next.
Talking to media persons at the Secretariat, minister for textiles Shankar Rao revealed that the chief minister increased the 10% subsidy on yarn purchases to 20%; this move will, hopefully, benefit 4 lakh families of weavers. Besides, a thrift scheme with 4% from the state and 4% from the centre will be reintroduced, he said.
Since prices of silk yarn have risen from Rs. 1,600 to Rs. 3,300, the government has decided to provide a subsidy which will benefit 1 lakh families, with each family getting Rs. 800, he added.
Reportedly, in the case of powerlooms, the government will revive the 50% power subsidy with immediate effect.