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Textile ministry deluged with TUFS claims
20
Mar '10
A written statement recently presented before the Lok Sabha by Ms. Panabaaka Lakshmi, Minister of State for Textiles, states that as of now under the Technology Up-gradation Fund Scheme (TUFS), subsidy claims totalling to Rs. 5.55 billion have been received by the government from the textile industry.

Under TUFS, government gives subsidy to the textile units for up-gradation and installation of high-tech machinery.

The Minister divulged that as the scheme has received tremendous response, the budget allocated for the purpose has fallen short, as compared to the subsidy claims received. For 2010-11 fiscal, a budgetary allocation of Rs. 24 billion has been made towards TUFS.

While responding to another query, Lakshmi divulged that the proposals laid down by a high level committee which was constituted to study the issues concerning high cost of working capital and choking of credit lines in the handloom sector, are being considered by the government.

The committee has proposed to waive the outstanding interest and loans of the Handloom Weavers' Cooperative Societies.

Fibre2fashion News Desk - India

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