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Govt may consider sanctioning additional funds to upgrade textile sector
25 Nov '10
1 min read
The Indian government is likely to consider sanctioning extra funds for the up-gradation of the country's textile industry, within next 15 days. This funding will be over and above the assistance of Rs 80 billions that the government has already sanctioned under the 11th Five Year Plan.
The assistance under the 11th Five Year Plan was granted for up-gradation of the country's textile industry under the Technology Upgradation Fund Scheme (TUFS). The plan still has one and a half year to go before it concludes, but the entire sum sanctioned for the purpose has been consumed, rather expenses have surpassed the sum allocated.
The Ministry of Textiles had earlier submitted a written reply in the Lok Sabha, wherein it was stated that, the government had stopped sanctioning any fresh projects under the TUFS for the time being.
The assistance under the 11th Five Year Plan was granted for up-gradation of the country's textile industry under the Technology Upgradation Fund Scheme (TUFS). The plan still has one and a half year to go before it concludes, but the entire sum sanctioned for the purpose has been consumed, rather expenses have surpassed the sum allocated.
The Ministry of Textiles had earlier submitted a written reply in the Lok Sabha, wherein it was stated that, the government had stopped sanctioning any fresh projects under the TUFS for the time being.
Fibre2fashion News Desk-India
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