Home / Knowledge / News / Textiles / Pak to implement textile machinery modernization scheme

Pak to implement textile machinery modernization scheme

16
Feb '12
The Technology Upgradation Fund (TUF) scheme that was recently approved by Pakistan's Ministry of Textile Industry is likely to be made effective from next fiscal, i.e. from July 2012.

As part of TUF scheme, the State Bank of Pakistan would support existing small and large textile units across the country that are investing in enhancement of production capacity and upgradation of textile machinery.

This will, in turn, help the country's textile industry to maximize the benefits from the EU package, recently approved by the WTO, and increase its exports.

Under the scheme, large textile mills can avail a 5 percent discount for technological upgradation of their units, while small-scale units can get a 20 percent discount on bank loan, on investments up to PK Rs. 10 million.

Elaborating on the TUF scheme, Mr. Shehzad Salim, Chairman, Pakistan Readymade Garment Manufacturers and Exporters Association (PRGMEA), told fibre2fashion, “For large-scale manufacturers, the scheme would be applicable to certain projects that are aimed at modernizing and expanding their units, for which they will get initial stage subsidy from the Government up to a maximum ceiling.”

“The small-scale manufacturers will get a one-time concession on the investments for their modernization plans,” he adds.

Informing about the implementation of TUF scheme, he says, “The scheme and its features have been discussed a lot and it is acceptable and satisfactory for all. It is now approved and hence, textile manufacturers can take advantage of it as soon as it is implemented, which is likely from the next fiscal, i.e. from July 2012.”

Talking about the benefits to the garment sector, he opines, “It will help the small exporters balance and modernize themselves in terms of expansions in sewing, stitching and other areas. Garment makers may take advantage of the scheme for new washing techniques and also for modernization.”

Fibre2fashion News Desk - India


Must ReadView All

Pic: Ritu Manoj Jethani / Shutterstock.com

Apparel/Garments | On 31st Jul 2021

US firm Steve Madden moves production to Mexico & Brazil from China

As supply chain disruption remains a significant challenge, American...

Pic: GBG USA

Apparel/Garments | On 31st Jul 2021

Apparel & footwear firm GBG USA files for bankruptcy protection

GBG USA, an indirect wholly owned subsidiary of Global Brands Group...

Pic: Shutterstock

Apparel/Garments | On 31st Jul 2021

Asian garment industry market concentration, consolidation rise: ILO

Although Asia's garment market rose in size in value terms before the ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Money never disappears-it just finds new opportunities

Vandana Narang, National Institute of Fashion Technology

Vandana Narang
National Institute of Fashion Technology

Campus placements are low due to lockdowns

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Shyam Gupta,

Shyam Gupta

Established by <b>Shyam Gupta</b> in 1978, Gargee Designer's (GD) offers...

Harleen Kaur,

Harleen Kaur

Established in 2017 and headquartered New York, the label Harleen Kaur...

Ritu Oberoi,

Ritu Oberoi

Mumbai-based Forsarees is a socially driven business enterprise, working...

Wolfgang Plasser, Lenzing AG

Wolfgang Plasser
Lenzing AG

The Lenzing Group is an international company headquartered in Austria...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, the Association of the Nonwoven Fabrics Industry, serves hundreds of ...

Dr Anup Rakshit, ITTA

Dr Anup Rakshit
ITTA

The Indian Technical Textile Association (ITTA) is the only association of ...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

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

Leave your Comments


July 2021

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


Advanced Search