The silk factory at Rajbagh in Srinagar, the capital of Jammu & Kashmir, will receive Rs 23 crore by the World Bank for its revival and restoration. The factory was damaged due to the devastating floods of 2014. All the available resources will be pooled together to revive the factory, said Chander Parkash Ganga, minister of industries and commerce.
Ganga visited the factory in Srinagar and said that the World Bank has already approved Rs 23 crore for its restoration. The fund has been approved under the ‘Livelihood for Composite Market Implementation Centre for Whole chain of Silk Activity at Silk Factory Rajbagh Srinagar’ scheme, according to J&K local media reports.
The factory's looms, raw material as well as finished silk products had deteriorated during the floods of 2014, concerned officials told Ganga during his visit.
The officials also said that monetary support from World Bank will help in the upgradation of the factory's infrastructure and increasing its manufacturing capacity to 5 lakh metres from 12,000 metres per year. (KD)
Source:Fibre2Fashion News Desk – India