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

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kerem Durdag
Biovation II LLC

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

Larry L Kinn
Suominen Corporation

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

Sanjukta Dutta
Sanjukta's Studio

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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