The Textile Ministry has asked the Planning Commission to disburse an additional of Rs19,000 million under the Technology Upgradation Fund Scheme (TUFS).
The proposed sum is in addition to the Rs11,000 million already released by the ministry in the first three months of this year.
Financial assistance catered in form of TUFS have been of immense help to enterprises across the value chain of the textile industry, and the Government has been lauded for extending this support till the end of the 11th Five Year Plan. Until then, there is no limit whatsoever, on the amount that can be released.
Experts believe that TUFS have aided various segments of the textile industry in modernizing through installation of the latest and the most advance machineries. Past records will show that despite a strong and diversified fibre and production base, Indian textile industry has always remained aloof from technological obsolescence and lack of economies of scale.
However, with the introduction of TUFS in April 1999, textile industry has been able to overcome these hurdles and has created economies of scale by adopting to better and technologically superior means of production. Besides, it has also made it possible for the sector to undergo transition from a quantitatively restricted textile trade to a market driven global transaction.
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