Incentive Scheme for MSMEs in Powerloom Sector: Work Force Welfare Assistance

About This Scheme

The scheme “Work Force Welfare Assistance” is a sub scheme under the “Incentive Scheme for MSMEs in Powerloom Sector”. It was launched on 1st January, 2022, by the Department of Micro, Small & Medium Enterprises and Textiles, Government of West Bengal, and shall remain valid upto 31st December, 2024. > Objective of the "Incentive Scheme for MSMEs in Powerloom Sector”: The objective of the Scheme is 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 which can maximize the utilization of resource, generate new employment and widen the area of operation to make the State emerge as the leader in Powerloom sector in country. > Objective of the "Work Force Welfare Assistance" Sub-scheme: Through this incentive, an eligible micro, small or medium enterprise in Powerloom sector for its approved project will be entitled to a reimbursement expenditure incurred by it for paying its contribution towards Employees State Insurance (ESI) and Employees Provident Fund (EPF) if at least 50% of the employees in the enterprise are recruited from amongst the persons registered with Employment Bank of the State.

Eligibility

- The Scheme shall be generally applicable to all micro, small, and medium enterprises (MSMEs) in the powerloom sector. - Enterprises must have started production from 01.01.2022 to 31.12.2024. - Enterprises should have executed a Four-party agreement with the Directorate of Textiles, Financial institution and Tantuja. - The units should be a private sector, cooperative sector and joint sector undertaking as also companies/ undertakings owned and managed by the State Government and the Industrial SHGs. - The project should be covered by a detailed feasibility report/ project prepared for the purpose. - The project should have been approved and sanctioned by a Central Financial Institution or Commercial Banks or State Financial Institutions.

Benefits

- 100% reimbursement in first year and 75% in the remaining years. - Zone B: 5 years.- Zone C: 7 years.- Zone D & E: 9 years.

How to Apply

Where This Comes From

This scheme was sourced from myScheme, the Government of India's official Central+State scheme discovery portal, and reviewed by an editor before publishing. Use the button above to read the full details and apply directly on the official source.