Revised tech upgradation fund scheme for textiles soon

Revised tech upgradation fund scheme for textiles soon

The government said the Technology Upgradation Fund Scheme (TUFS) is in the final stage of revision and it will be notified soon

The Dollar Business Bureau 

The government will soon launch the revised Technology Upgradation Fund Scheme (TUFS) to accelerate textile and jute production and support export oriented units. The scheme, first launched in 1999, is aimed at accelerating investments in the textiles sector through 5% interest reimbursement. It also focuses on quality, branding and exports of textile products at a faster scale. Speaking at the Annual Conference of State Textiles Ministers 2015 on Wednesday, S K Panda, Chief Secretary of Ministry of Textilse, said, “The Technology Upgradation Fund Scheme (TUFS) is in the final stage of revision and it will be notified soon. Unfortunately, level of technology in our domestic market is very low; so when our product goes to the international market, we are not able to get a competitive price.” “TUFS is being revised to support employment generating and export oriented segments to meet challenges in global market,” Ministry of Textiles said in a tweet. As part of the strategy to encourage domestic textile industry, the government has taken additional measures in the last one year to promote production as well as exports and generate employment in the sector. Since September 2014, the government has set up a number of textile parks, apparel and garment making centres in the north eastern states. “In view of the recommendations of the 14th Finance Commission to increase state share of central taxes from 32% to 42%, states should make more provisions for schemes which have been transferred to them,” said Panda. Highlighting the endeavors taken to support the textile industry, Textiles Minister Santosh Kumar Gangwar said the government has intensified its focus on improving governance and service delivery to the common man in the textile sector. “We have requested states to provide necessary assistance to the textile sector as this would help the central and state governments to work collectively in meeting the industry goals. “By saying that together, we can make Indian textile industry the best in the world and help the sector better serve the common man of the nation,” Gangwar said. State ministers who were present during the conference suggested several measures including the setting up of more NIFT campuses, promotion of handlooms and handicrafts, textile processing, textile parks, sericulture and mega cluster.  

November 05, 2015 | 3:45pm IST. 

The Dollar Business Bureau - Nov 05, 2015 12:00 IST