TUFS to be simplified to help textile industry benefit

The textile industry occupies a unique place in India and with the textile industry setting target of USD 50 billion exports this financial year. Technology upgradation, better infrastructure and skilled manpower are a must to achieve the set target.

As, one of the steps towards achieving the target the government is mulling over simplifying the TUF scheme so that the textile industry can take benefit from it. It is also considering allocation of Rs 2,500 crore under it in this financial year, stated the Textiles Minister Santosh Kumar Gangwar at an interactive session with the industry.

The Technology Upgradation Fund Scheme (TUFS) would be simplified with an aim to make available funds to the domestic textile industry for technology upgradation of existing units and to set up units with new technology.

As the government is aware of tariff rationalization and free access trade distortions in South Asia and South East Asia, it will try to address these challenges through negotiations and bilateral agreements.

The minister emphasized that India should take advantage of global lifestyle changes and focus more on exports of home and technical textiles.

Among the various growing segments of technical textile, the Hometech industry is also one of the largest segments which is growing due to the real estate boom and higher spending on the home interiors. Considering it highly skilled and technical manpower and abundant availability of raw material, India can emerge as a key player in the Home-tech industry.