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TUFs may make comeback subject to Govt funding
22 Sep '10
1 min read
On the back of demands from various sub-sectors of the textile industry, the Union Textile Ministry is contemplating reviving the much popular Technology Up-gradation Fund Scheme (TUFs).
However, according to a source from the textile ministry who spoke to fibre2fashion, the textile ministry is definitely looking forward to revive the TUFs.
But, provided till the time, additional funds are released by the concerned authority in the government, no new proposals will be entertained, he added by saying.
It may be recalled that TUFs was a highly popular scheme, in which all the sectors across the whole textile value-chain, were able to modernize and upgrade their machineries.
Under the incentive scheme, the government subsidises exchange rate fluctuations, a portion of interest on loans, and capital equipment on a case-to-case basis.
However, according to a source from the textile ministry who spoke to fibre2fashion, the textile ministry is definitely looking forward to revive the TUFs.
But, provided till the time, additional funds are released by the concerned authority in the government, no new proposals will be entertained, he added by saying.
It may be recalled that TUFs was a highly popular scheme, in which all the sectors across the whole textile value-chain, were able to modernize and upgrade their machineries.
Under the incentive scheme, the government subsidises exchange rate fluctuations, a portion of interest on loans, and capital equipment on a case-to-case basis.
Fibre2fashion News Desk - India
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