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

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Aditi Somani
Aditi Somani

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search