Home / Knowledge / News / Textiles / Pak to implement textile machinery modernization scheme
Pak to implement textile machinery modernization scheme
16
Feb '12
The Technology Upgradation Fund (TUF) scheme that was recently approved by Pakistan's Ministry of Textile Industry is likely to be made effective from next fiscal, i.e. from July 2012.

As part of TUF scheme, the State Bank of Pakistan would support existing small and large textile units across the country that are investing in enhancement of production capacity and upgradation of textile machinery.

This will, in turn, help the country's textile industry to maximize the benefits from the EU package, recently approved by the WTO, and increase its exports.

Under the scheme, large textile mills can avail a 5 percent discount for technological upgradation of their units, while small-scale units can get a 20 percent discount on bank loan, on investments up to PK Rs. 10 million.

Elaborating on the TUF scheme, Mr. Shehzad Salim, Chairman, Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA), told fibre2fashion, “For large-scale manufacturers, the scheme would be applicable to certain projects that are aimed at modernizing and expanding their units, for which they will get initial stage subsidy from the Government up to a maximum ceiling.”

“The small-scale manufacturers will get a one-time concession on the investments for their modernization plans,” he adds.

Informing about the implementation of TUF scheme, he says, “The scheme and its features have been discussed a lot and it is acceptable and satisfactory for all. It is now approved and hence, textile manufacturers can take advantage of it as soon as it is implemented, which is likely from the next fiscal, i.e. from July 2012.”

Talking about the benefits to the garment sector, he opines, “It will help the small exporters balance and modernize themselves in terms of expansions in sewing, stitching and other areas. Garment makers may take advantage of the scheme for new washing techniques and also for modernization.”

Fibre2fashion News Desk - India


Must ReadView All

Global economic upswing became broader & stronger: IMF

Textiles | On 19th Apr 2018

Global economic upswing became broader & stronger: IMF

The global economic upswing that began around mid-2016 has become...

Courtesy: ITMA

Textiles | On 19th Apr 2018

ITMA 2019 expanding space due to overwhelming response

Due to overwhelming response, the exhibition space has been increased ...

BIDA’s Europe trip to showcase a different Bangladesh

Apparel/Garments | On 19th Apr 2018

BIDA’s Europe trip to showcase a different Bangladesh

The Bangladesh Investment Development Authority (BIDA) is taking a...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


April 2018

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search