Home / Knowledge / News / Textiles / No fresh proposals to be accepted under TUFs – Ministry
No fresh proposals to be accepted under TUFs – Ministry
02
Jul '10
According to a recent circular issued by the Union Textile Ministry, the Expenditure Finance Committee (EFC) has decided not to issue any new sanctions under the Technology Up-gradation Fund scheme (TUFs), till the Cabinet Committee on Economic Affairs (CCEA) approves new allocations for the scheme. The circular has been dispatched to all the nodal agencies and banks concerned.

All the nodal agencies and banks have been advised to freeze all new proposals, even those, which have already been submitted to them. This decision, say experts, will have an adverse effect on the modernization drive of the textile industry and which had benefited all the sections of the industry in the last few years since the scheme came in to existence and helped them become competitive in domestic as well as global markets.

TUFS is one of the highly successful schemes implemented by the Government of India. Indian textile industry was reeling under the impact of out-dated technology apart from other traditionally identified drawbacks with little or no value-addition to speak of. However, introduction of this scheme has proved to be a proverbial lifeline for the textile and allied industries.

Since the inception of the scheme from April 1999 till June 2009, TUFS has attracted 26,087 applications entailing a combined project cost of Rs 182269.91 crores of which the loan application was for Rs 84747.01 crores. Of which, 25,893 applications were sanctioned for a total project cost of Rs 179856.38 crores again of which the loan component totaled to Rs 78306.20 crores.

Click here to view more news related to TUFs.

Fibre2fashion News Desk - India

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Karel Williams
Dow Microbial Control

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

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

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

Silvia Venturini Fendi
Fendi s.r.l

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

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