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Small powerloom units to benefit from hire-purchase scheme under TUFS

YarnsandFibers News Bureau 2014-05-08 06:30:00 – Tirupur

TUFS facilitates modernisation and upgradation of textiles industry by providing credit at reduced rates to entrepreneurs both in the organised and the unorganised sector in the textiles industry. The Textile ministry to benefit small units in the powerloom sector will be introducing hire-purchase scheme under TUFS.

The Indian powerloom sector has around 43 lakh weavers who are in severe need of modernisation and the ministry is hopeful that this hire-purchase scheme will benefit them as each machinery costs Rs 20-30 lakh.

Textile Secretary Zohra Chatterjee at the inauguration of 38th India Knit Fair, said that the Cabinet this year has assured that the policy will be a free one and there will be no interference in exports.

Also the much-awaited Free Trade Agreement with European Union, one of the major markets for the garment sector, the ministry is keen to see it through soon.

To address the trained manpower requirements of textiles and related segments, an integrated framework for training (based on the need) has been formulated under which to would provide training to atleast 15 lakh people by 2017. It also plans to set up Skill Councils for Apparel and Textiles under skill development scheme.

The Ministry of Textiles has been focusing on three main components, first to strengthen the capacity of institutions and scheme, secondly partnering with private sector; and thirdly looking to partner with state governments.

The third component (partnering with State Government) recently launched have already started receiving a couple of projects from four state governments, including Tamil Nadu.

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