Home / Knowledge / News / Textiles / Revised TUFS may extend to 'blackout period' too

Revised TUFS may extend to 'blackout period' too

22
Feb '12
The Ministry of Textiles is likely to extend the revamped Technological Upgradation Fund Scheme (TUFS) to the 'blackout period', in view of poor response for the scheme so far.

The 'blackout period' for the Indian Textile industry corresponds to the duration between 29 June, 2010 and 27 April, 2011 when no funding support was available. The modified TUFS was suspended in June 2010 and the revised TUFS was introduced in April 2011.

Speaking on the sidelines of Texpo 2011, a buyers-sellers meet, in Mumbai, Textile Commissioner AB Joshi said the Ministry of Textiles is considering to extend the revised TUFS to blackout period retrospectively. It will be subjected to the same terms and conditions as the revised TUFS, he added.

Mr. Joshi informed that only Rs. 1.6 billion out of the total outlay of Rs. 19.72 billion for revised TUFS has been availed by the textile industry so far. It is because the textile sector has put expansion projects on hold owing to decline in demand from global markets.

The Indian textile sector has also been affected due to financial crisis in the US and the eurozone debt crisis, as the EU and the US constitute major destinations for its exports.

Since TUFS was first implemented in 1999, the Centre has released total subsidy of Rs. 112 billion, with an amount of Rs. 88.83 billion released during the last three years.

From 1999 till now, TUFS is estimated to have resulted in investments worth Rs. 2,080 billion in the Indian textile sector.

By the end of the current financial year on March 31, 2012, the Ministry of Textiles is expecting claim amount under TUFS to reach Rs. 4 billion.

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 30th Jul 2021

ILO outlines 3 scenarios for Asian garment sector recovery trajectory

Looking to the post-pandemic period, a new research brief by the...

Pic: Shutterstock

Retail | On 30th Jul 2021

UK retail sales up 0.5% MoM in June; clothing store sales down 4.7%

Retail sales volumes in the UK increased by 0.5 per cent in June 2021 ...

Pic: Shutterstock

Textiles | On 30th Jul 2021

Prime Content| Here's why global cotton trade will rise in July-Dec 2021

Global cotton trade is expected to rise in the coming months of 2021...

Interviews View All

India-EU Summit, Representatives

India-EU Summit
Representatives

India-EU FTA will provide EU with better access to a huge & rapidly...

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

Trainers faced immense challenges as most were not tech-savvy

C Maennich,

C Maennich

Trützschler, one of the world's leading textile machinery manufacturers,...

Chini Chouhan,

Chini Chouhan

Founded by Chini Chouhan, her eponymous brand specialises in women's...

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Silverio Baranzano, Fitesa

Silverio Baranzano
Fitesa

Fitesa is a leader in the nonwoven fabrics industry, specialising in...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

The Non Woven Federation of India (NWFI), representing the regional...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

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