Home / Knowledge / News / Textiles / Federation recommends Textile Commissioner to revive TUFS
Federation recommends Textile Commissioner to revive TUFS
15
Dec '10
The Federation of Indian Art Silk Weaving Industry (FIASWI) in its recent recommendations put forth before the Textile Commissioner has insisted that the textile sector including technical textiles should be excluded from the Generalised Sales Tax (GST), and that the Technology Upgradation Fund Scheme (TUFS) should be revived.

The suggestions were put forward through a pre-budget proposal which suggested the immediate revival of TUFS. The delay in its revival is impeding the rapid modernization of the man-made fabric industry in Surat, as all the small, medium and big entrepreneurs are awaiting the Textile Ministry's decision on revival of the scheme.

The Expenditure Finance Committee (EFC) under the new guidelines released in June 2010, directed the banks and financial institutions not to approve sanctioning of any new funds under TUFS, and to discontinue releasing funds under the scheme, till the Cabinet Committee on Economic Affairs (CCEA) approves further allocation of funds.

The textile sector in Surat contributes around 40 percent of the country's overall demand for man-made fabric, which is mainly because of the rapid development it has undergone in recent years which is primarily attributable to the interest and capital subsidy under the TUFS. The sector, mainly the powerloom sector has achieved tremendous growth over the last 10 years with the introduction of modern machines like water jets, Rapier and imported shuttle-less looms.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 22nd Jun 2017

Zund unveils cradle feeder roll-feed system for fabrics

Zund Systemtechnik AG, Switzerland’s textile machinery firm that...

Textiles | On 22nd Jun 2017

Hpfabrics opening production facility in Forsyth County

Hpfabrics, manufacturer of raw fabrics, is opening a new production...

Courtesy: Napapijri

Apparel/Garments | On 22nd Jun 2017

Napapijri's Superlight Parka is free of fur and down

Napapijri has introduced the new Superlight Parka, a new lightweight...

Interviews View All

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Silke Brand-Kirsch
Schlegel und Partner

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Silvia Venturini Fendi
Fendi s.r.l

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

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search