Home / Knowledge / News / Textiles / CITI seeks funds for TUFS
CITI seeks funds for TUFS
15
Jun '15
The Confederation of Indian Textile Industry (CITI) has sought Rs 3,000 crore allocation under the technology upgradation fund scheme (TUFS) to boost investment into the industry and restore the health of the spinning sector, according to media reports.

“The Government should provide Rs.3,000 crore additional allocation for the scheme for 2015-16. Textiles is a capital intensive industry and the two per cent to five per cent subsidy on interest available through the scheme helps the industry improve its competitiveness,” Prem Malik, chairman of CITI told media persons in Coimbatore recently.

Malik also said that around Rs 30,000 crore were invested in the sector despite several challenges over the past three years, and if no funds were released, the investment in the spinning sector would be minimal, since the sector was capital intensive.

Industry sources say that nearly 35 per cent of textile and clothing production in the country is exported. TUFS helps the industry improve its efficiency and competitiveness by upgrading technology. (SH)

Fibre2fashion News Desk – India


Must ReadView All

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Tim Savage from Pexels

Textiles | On 19th Jun 2018

Da Lat begins construction of $50mn wool yarn factory

Da Lat Worsted Spinning Limited Company has begun construction of a...

Interviews View All

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Larry L Kinn
Suominen Corporation

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

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Nisha Chanda
Whistling Woods International School of Fashion

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

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


June 2018

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

news category


Related Categories:

Advanced Search