The most successful government scheme for the textile sector; Technology Up-gradation Fund (TUF) scheme has once again been re-launched by the government.
The Cabinet Committee on Economic Affairs (CCEA) has approved the new revised TUFs by allotting Rs 74.04 billion for fresh applications and clearing pending dues.
2011-12 is the final year for TUFs and textile companies have been exhorted to take full advantage of the scheme. However they just have one year to do so.
“Technical textile converters too will be eligible for benefits under the revised TUFs”, Mr Arun Jariwala, Chairman of Federation of Indian Art Silk Weaving Industry (FIASWI) had informed delegates at a textile symposium in Ahmedabad recently.
"However, considering the delivery schedules for imported technical textiles machinery is around 2-3 years, the new TUFs may not prove to be beneficial", he added by saying.
The powerloom sector has received a big benefit in the refurbished scheme. Shuttle-less looms will get an additional 10 percent capital subsidy in addition to 5 percent under TUFs.
Fibre2fashion News Desk - India
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