Home / Knowledge / News / Textiles / Textile sector demands enhanced TUFs funds
Textile sector demands enhanced TUFs funds
15
Feb '10
The textile industry of India has demanded more funds under the Technology Up-gradation Fund Scheme (TUFs), and removal of taxes on man-made fibres to gain more competitiveness and increase domestic consumption.

The government had allocated Rs.31.4 billion for TUFs in the last budget. The Confederation of Indian Textile Industry (CITI) has asked for Rs.20 billion for the TUFS backlog in the year 2009-10 and Rs.30 billion for next fiscal year.

During 2008-09, the industry had suffered drastically due to the impact of global financial meltdown, but started witnessing revival in last 2-3 quarters. The major textile companies, including, Alok Industries, Raymond and Century Textiles & Industries Ltd. recorded higher businesses during Oct-Dec.

In the last annual budget, excise duty on man-made fibres was hiked, from 4 percent to 8 percent. The industry also seeks the exemption of liquid fuels, used for captive power generation by the textile and clothing units, from taxes in order to cut energy costs, said Mr. DK Nair, Secretary General of CITI.

Moreover, an export credit at a uniform rate of 5 percent interest to the textile and apparel units has also been demanded by the industry entrepreneurs. At present, these units are enjoying export credit at 8 percent interest.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 6th Dec 2016

Garments, yarn export entitlement quota extended for 1 yr

Indian government has extended the export entitlement quota for...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search