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Government preparing to re-launch TUFS
23
Nov '15
Textiles Minister Santosh Gangwar has said that the Government is likely to reintroduce the Technology Upgradation Fund Scheme (TUFS) for the textile sector, a newspaper has reported.

At an award function of Texprocil in Mumbai, Gangwar said Prime Minister Narendra Modi has evinced keen interest in TUFS. He said TUFS would be re-launched in a few months.

The scheme was launched in early 1990s to boost investment into the textiles sector. Under the scheme, five per cent of the total investment for technology upgradation is compensated by the government.

The scheme was described as a great success, attracting massive investment and helping revive the textiles sector.

However, representatives of the textile industry have been pointing out that the sector is in a "bad shape" and the government has not disbursed subsidy amount under TUFS for the period after September 2014.

Late last month, Gangwar had said the Centre would not discontinue and rather restructure it keeping in view the complaints of the textile industry. (SH)

 

Fibre2Fashion News Desk – India

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