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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

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