+917718880355

news

Surat textile entrepreneurs eagerly await for simplified TUFS

YarnsandFibers News Bureau 2014-07-01 15:15:00 – Surat

Surat textile entrepreneurs, the country's biggest man-made fibre hub has welcomed the proposal that the government planned to simplify the Technology Upgradation Fund Scheme (TUFS) and allocate to it Rs 2,500 crore in this financial year.

 

With the textile industry set to achieve a $50 billion export target, the TUFS scheme is likely to play a major role by improving infrastructural facilities and creating a skilled manpower for the sector. Modernization in the MMF textile hub, which started a few years ago, is geared up to get a major boost in 2014-15.

 

Last year, the Cabinet Committee on Economic Affairs had given its approval for continuing the TUFS during the 12th Five-Year Plan with a major focus on powerloom sector. The total budget outlay for continuation of the TUFS has been pegged at Rs 11,900 crore, out of which Rs 2,400 crore was allocated in the financial year 2013-14.

 

The overall incremental target in 12th Plan is about 16 percent in the weaving sector, up from 9 percent in the 11th Plan.

 

The simplification in TUFS scheme will ensure availability of funds to the domestic textile industry for technology upgradation of existing units and to set up new hi-tech factories.

 

A meeting of the technical advisory-cum-monitoring committee of TUFS was held in Mumbai on June 19 under the chairmanship of textile commissioner Kiran Soni Gupta to discuss the use of the funds and release of subsidy amount to the entrepreneurs.

 

According to the Federation of Indian Art Silk Weaving Industry (FIASWI), the textile commissioner's office has released a total of Rs 1,729 crore of margin money subsidy to textile entrepreneurs under the TUFS in 2013-14. But there is still a backlog of Rs 1,500 crore of subsidy amount awaiting disbursal.

 

There is a urgent need to strengthen and simplify the TUFS scheme, if Indian government wants to see its textile industry achieve the export target of $50 billion.

0 0 vote
Article Rating
0 Comments
Inline Feedbacks
View all comments

Market Intelligence

Ask for free sample Report


why us?
21 yrs

experience

Fortune 500

Customer Base

100%

dedicated team

55+

Countries Served Worldwide


newsletter

Register below to receive our newsletters with latest industry trends and news!

WeCreativez WhatsApp Support
Our support team is here to answer your questions via WhatsApp. Ask us anything!
? Hello