Home / Knowledge / News / Textiles / Govt begins settling dues under TUFS
Govt begins settling dues under TUFS
21
Jan '16
The government has initiated the process of settlement of Rs 3,000 crore dues related to some 'blackout and left-out' cases which found no mention in the Amended Technology Upgradation Fund Scheme (ATUFS) for the textile sector. The development is seen as a major relief for the sector.

"The process of settlement of dues related to the old cases has started," Textile Secretary Rashmi Verma said.

Last week, Textiles Minister Santosh Gangwar had said that the government was working to resolve the issue of settlement of committed liabilities of around Rs 3,000 crore arising out of 'blackout and leftout' period cases under technology upgradation scheme (TUFS) for textile industry.

Confederation of Indian Textile Industry (CITI) Secretary General Binoy Job said the quantum of liabilities under the blackout and left-out period cases was around Rs 3,000 crore.

The settlement of the committed liabilities had been a grey area after the government did not mention anything about it when it notified ATUFS for textile sector last week.
The Union Cabinet approved the ATUFS in December in place of the Revised Restructured TUFS (RRTUFS) for technology upgradation of textile industry, a move expected to boost job creation and exports in the sector.

During 2010-11, the RRTUFS was suspended for 10 months but eventually restored as a closed-ended scheme and restricted to future sanctions and committed liabilities reported by banks for sanctions already issued.

The closed ended scheme was introduced without sufficient notice from the government for preparation on part of lending institutions, according to industry officials.

Those who had invested in those 10 months in the so-called blackout period were left out and are still awaiting a decision on the eligibility of TUF scheme.

Meanwhile, Gangwar has said the Textiles Ministry may approach the Cabinet for its approval for the new national textiles policy that seeks to create 35 million jobs and boost exports to over $300 billion.

"The draft policy is ready and discussions are on. We hope to place it before the Union Cabinet in a month's time," Gangwar said at the inauguration of the India International Garment Fair (IIGF) in New Delhi. (SH)

Fibre2Fashion News Desk - India

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search