Storage is usually an issue especially when you have a full-fledged business going around. With increasing population, the space to carry out business has shrunk increasingly over the years.
In the lack of space to carry out manufacturing and storage, storage space is monetised and is oftentimes far too expensive to afford.
How does the Rental for Warehousing help?
This initiative by the Ministry of Textiles is a scheme that aims for providing the financial support start-ups need to renting warehouse spaces abroad. It seems to be a perfect solution to increasing space issues.
Agencies abroad are increasingly welcoming Indian customers to rent out space and use it for storage and warehousing, as long as they are adequately remunerated. However, when we consider small start-ups we are aware that the turnover would not be enough to fetch them a sustainable livelihood after having paid heavy rents on space.
As a solution to this, the Government of India through the Ministry of Textiles offers the perfect solution.
In order to meet the storage needs of a company, the Government of India through the Ministry of Textiles is willing to offer 80% of the rental cost towards hiring of warehouses abroad. This would be offered to store handicraft products and shall be reimbursed subject to the maximum of ₹25 lakh per unit.
Who can apply for this scheme?
Any industry association or entrepreneurial group that intends to carry out business overseas can avail the benefits of this scheme by applying online. For further details regarding the application process, visit the link http://texmin.nic.in/