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CITI urges increased allocation for TUFS in Budget FY'15
16
Jun '14
courtesy: CITI
courtesy: CITI
The Confederation of Indian Textile Industry (CITI) has requested the Government to increase its annual allocation for the Technology Upgradation Fund Scheme (TUFS) in the Budget for fiscal year 2014-15 to be presented by Finance Minister Arun Jaitely in mid-July this year.
 
At a pre-Budget consultation meeting with the Finance Minister, CITI officials asked for enhance fund allocation under TUFS to ensure that the scheme operates without any hiccups during the remaining years of the 12th Five Year Plan period (2012-17), Business Standard reported quoting PTI.
 
Launched in 1999, TUFS facilitates modernization and upgradation of the textile manufacturing units by extending credit at reduced rates to textile mill owners, both in the organized and unorganized sectors.
 
For the 12th Plan period, the Government of India has approved budgetary allocation of Rs. 119 billion.
 
In addition to increased allocation for TUFS, CITI has also sought reduction in excise duty from 12 percent to 8 percent to encourage production and consumption of man-made fibres in large quantities.
 
The textile and apparel industry accounts for about 14 percent of India’s overall industrial production, 12 percent of exports and contributes nearly 4 percent to the country’s GDP. It employs nearly 45 million people and its annual turnover is around US$ 90 billion, with $40 billion coming from exports.
 
The constant upgradation of the textile industry is essential in order to remain competitive in face of increased competition from other textile and apparel exporting countries like China, Vietnam, Bangladesh and Sri Lanka.
 

Fibre2fashion News Desk - India

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