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Textile traders decide to approach the Planning Commission
21
Jul '10
The Technology Upgradation Fund Scheme (TUFS) will most probably be announced during the first week of August; therefore, textile entrepreneurs and Federation of Indian Art Silk Weaving Industry (FIASWI) have decided to keep their demands and suggestions before the Planning Commission.

During a recently held meeting in New Delhi, early this week, textile entrepreneurs from the man-made fabric centre of Surat and FIASWI members informed that, the textile sector, especially the power loom segment is moving rapidly towards implementing modern machinery to surge their productivity and quality of fabrics.

TUFS however, is the only way to raise Upgradation in the textile segment and very important to provide huge concessions to entrepreneurs to increase their business.

FIASWI members have also demanded that the grant for purchasing new machinery be raised from 20 to 25 percent; also the capital subsidy should be increased from Rs 20 million to Rs 50 million and TUFS should also be continued for the purchase of second hand machinery.

FIASWI Chairman, Arun Jariwala lamented that, they have decided to firmly represent their demands before the Planning Commission. The ultimate report on revised TUFS will be prepared by the Planning Commission and it is likely to be announced by the textile ministry.

Fibre2Fashion News Desk - India

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