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'Refurbished TUFs likely soon' – Textile Commissioner
18
Mar '11
Mr AB Joshi
Mr AB Joshi
Termination of the Technology Upgradation Fund (TUF) Scheme in June last year, severely hit the large as well as the medium scale units in the textile sector. However, it is expected that the scheme aimed at up-gradation of the textile units in the sector may soon be restored in a renewed form.

Textile Commissioner, A B Joshi revealed that the Scheme was discontinued for the sake of reviewing the present structure, and that the Government is expected to restore the scheme, shortly.

He said this while addressing major industry players at a seminar. Discontinuation of the fund badly hit many of the textile units, and thus the Government was called upon to reintroduce the same.

Further, while the industry was already under distress as the issue was not taken up in the current budget, an excise duty of 10 percent was imposed on branded readymade garments and made-ups by the Finance Ministry, to add to the duress.

The proposal of excise duty faced criticism even from other experts who claimed that, such a move would prove detrimental for the industry and may even affect the sector's hiring ability. An expert even compared the proposed tax to introduction of licence raj in the sector.

Mr Joshi said that, they have updated the government regarding the industry concerns, and will try their best to persuade the government to review the proposal in the best interest of the industry. Further, he even added that some counterbalancing measures would be taken soon.

Fibre2fashion News Desk - India


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