TEA welcomes ATUFS guidelines

04 Mar '16

1 min read

The Tirupur Exporters Association (TEA) has thanked Textiles minister Santosh Gangwar for issuing the guidelines of the Amended Technology Upgradation Fund Scheme's (ATUFS) financial and operational parameters and implementation mechanism for implementation period from January 13, 2016 to December 31, 2022.

Under ATUFS, the rate of capital investment subsidy is 15 per cent on eligible machines for garment segment and the Capital Investment Subsidy (CIS) per individual entity is Rs. 30 crores.

In the ATUFS, only new machinery are permitted and accessories/ attachments/sample machines/spares received along with the machinery up to a value of 20 per cent of the machinery cost eligible under ATUFS will also be eligible.

In a press release, TEA President Dr. A. Sakthivel said that with ATUFS being available for five years, the exporting units can plan accordingly and make their decision in their proposed investment for modernization/ capacity expansion.

Dr. Sakthivel said he has also sent letters of thanks individually to Textiles Secretary, Rashmi Verma, Additional Textiles Secretary Pushpa Subrahmanyam, and Textiles Commissioner Kavita Gupta. (SH)

Fibre2Fashion News Desk – India

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