Rs 23 cr aid for Srinagar silk factory

The silk factory at Rajbagh in Srinagar, 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 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.

The factory’s looms, raw material as well as finished silk products had deteriorated during the floods of 2014. The World Bank will help in the upgradation of factory’s infrastructure and increasing its manufacturing capacity to 5 lakh m from 12,000 m per year.