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Hire-purchase for machinery under TUFS soon: Textiles Secy
08
May '14
The Ministry of Textiles, Government of India, would soon come out with a hire-purchase scheme for installing new machinery under the Technology Upgradation Fund Scheme (TUFS), Textiles Secretary Zohra Chatterjee has said.
 
Speaking to reporters on the sidelines of the 38th India Knit Fair in Tirupur, Ms. Chatterjee said once the scheme is implemented it would benefit small units, especially in the powerloom sector.
 
According to her, the powerloom sector in India, which employs about 4.3 million weavers, is currently in urgent need of modernization, and the proposed scheme can help the powerloom units acquire textile machines that cost about Rs. 2-3 million.
 
The objective of TUFS is to leverage investments in technology upgradation in the Textiles and Jute Industry, with a special emphasis on balanced development across the value chain. The scheme facilitates modernization of the textile industry by providing credit at reduced rates to textile manufacturers, both in the organized and unorganized sectors.
 
The Textiles Ministry has formulated an integrated framework for need-based training to address the trained manpower requirements of the textiles and related industries, Ms. Chatterjee said.
 
She informed that the Ministry has proposed to operate projects aimed at training 1.5 million people by 2017 in the textile industry. These projects are proposed to be carried out within the 12th Five Year Plan period (2012-17) with an outlay of Rs. 19 billion.
 
Under the skill development scheme, the Ministry has received a couple of projects from four state governments, including Tamil Nadu, she added.
 
The 38th India Knit Fair (Spring / Summer Collection 2015) is being organized by the Apparel Export Promotion Council (AEPC), and is sponsored by the Ministry of Textiles. The fair is being held in collaboration with the Tirupur Exporters’ Association and India Knit Fair Association.
 
This time, the focus of the three-day fair is on the Spring/Summer collection 2015 with a complete display of latest fashion wear.
 

Fibre2fashion News Desk - India


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