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Textile Ministry assents to new TUFS proposals
12
Aug '10
Recently, the Union Minister of Textiles, Dayanidhi Maran consented to most of the demands put forward by the sector experts in connection with the revised Technology Upgradation Fund Scheme (TUFS). The same has been welcome by the textile industry.

It is believed that these draft proposals for the revised TUFS will be put up before the Cabinet for its approval within the next 10 days.

The revised TUFS scheme, which most likely would be announced by end of the month, is seen to greatly benefit the weaving, processing and technical textile industries.

As revealed by sources, the Textile Ministry has even granted its' nod to prior proposal of granting 25 percent direct capital subsidy to the weaving industry, as also to other individual preparatory units such as two-for-one (TFO), winding and warping machines.

Capital subsidy of 20 percent will be granted to the Small Scale Units (SSIs) in the processing and garment sector with investments not above Rs. 50 million. Whereas, the converter industry in the technical textile sector with investments up to Rs. 50 million will be bestowed with a capital subsidy of 25 percent, as also with interest subsidy of five percent.

Also the Textile Minister has approved the proposal for extending five percent interest subsidy and 10 percent capital subsidy on the modern machines set up in the fabric processing industries.

India holds immense potential to be a major player in the technical textile sector. As such, the 25 percent capital subsidy and five percent interest subsidy granted to the converter industries would all together change the face of the textile sector.

Fibre2fashion News Desk - India

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