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Govt plans to restructure TUFS
28 Oct '15
2 min read
Amid mounting complaints that the money under the Upgradation Fund Scheme (TUFS) has not been disbursed in a timely manner to textile units, Textiles Minister Santosh Gangwar has said that the Centre will restructure the scheme keeping in view the complaints of the textile industry but will not discontinue it, according to an agency report.
Gangwar said his ministry has requested the Finance ministry to make the necessary changes in the scheme to remove the industry's complaints and the changes are likely to be announced within a fortnight.
In recent months, the textile industry has repeatedly complained that the sector is in a bad shape and the government has not disbursed subsidy amount under the scheme for the period after September 2014. The industry wants to be consulted before the government makes any changes to the scheme. For now, the scheme will continue till March 2017, the end of 12th plan period, Gangwar said.
The Textile Minister expects the new policy to be finalised before the Winter Session of Parliament.
The textile industry says that non-disbursal of TUFS money has hit the industry badly which is already struggling with a global market slowdown.
On October 26, representatives of 20 textile industry associations participated in a meeting organised by Southern India Mills' Association in Coimbatore with S. Gurumurthy, economist and corporate advisor to lobby the government for measures to improve the industry's condition. (SH)
Gangwar said his ministry has requested the Finance ministry to make the necessary changes in the scheme to remove the industry's complaints and the changes are likely to be announced within a fortnight.
In recent months, the textile industry has repeatedly complained that the sector is in a bad shape and the government has not disbursed subsidy amount under the scheme for the period after September 2014. The industry wants to be consulted before the government makes any changes to the scheme. For now, the scheme will continue till March 2017, the end of 12th plan period, Gangwar said.
The Textile Minister expects the new policy to be finalised before the Winter Session of Parliament.
The textile industry says that non-disbursal of TUFS money has hit the industry badly which is already struggling with a global market slowdown.
On October 26, representatives of 20 textile industry associations participated in a meeting organised by Southern India Mills' Association in Coimbatore with S. Gurumurthy, economist and corporate advisor to lobby the government for measures to improve the industry's condition. (SH)
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