Home / Knowledge / News / Textiles / TEXPROCIL welcomes continuation of TUFS
TEXPROCIL welcomes continuation of TUFS
31
Aug '13
TEXPROCIL welcomes Continuation of the Technology Up gradation Fund Scheme in 12th Plan period.

The Cabinet Committee on Economic Affairs has given its approval for continuing the Technology Upgradation Fund Scheme (TUFS) during the 12th Plan period with a major focus on improving the weaving capacity in accordance with the Budget announcement for the financial year 2013-14.

Capital Subsidy for new shuttleless looms has been raised from 10 percent to 15 percent and the Rate of Interest Reimbursement has been increased from 5 percent to 6 percent. Further, the margin money subsidy has been increased from 20 percent to 30 percent with an increase in subsidy cap from Rs. 1 crore to Rs. 1.5 crores.

Welcoming the continuation of the Scheme, Shri Manikam Ramaswami, Chairman, Texprocil stated that as the Indian textile industry has emerged as the most competitive textile industry in the world, there is a huge potential to increase TEXPROCIL’S exports by 50% YOY(year on year), thus adding another US $ 5 Billion in exports each year and another 2 lac jobs each year, should capacity addition happen rapidly.  Export Market is not going to be a constraint given our enormous strengths, he added. India, he said can ‘push aside’ competition and grow even in a shrinking global market.

Shri Ramaswami also requested the Government to include cases covered under the “blackout period”, when government was in the process of fine tuning the scheme, as should be, so that the mills can have the necessary margin money to rapidly scale up and fully exploit the potential .TEXPROCIL therefore earnestly requests the Ministry of Textiles to expeditiously decide on the inclusion of the black out period under the current TUF Scheme.

TEXPROCIL


Must ReadView All

Pic: Shutterstock

Textiles | On 12th Aug 2020

Chinese textile companies' revenues decline in H1

Revenues of major Chinese textile companies with an annual turnover...

Pic: Shutterstock

Textiles | On 12th Aug 2020

Bangladesh's BEZA, Yabang Group sign land lease agreement

Bangladesh Economic Zones Authority (BEZA) recently signed a land...

Pic: BAIRD GROUP

Retail | On 12th Aug 2020

UK's Baird Group unveils CVA proposals

The Baird Group is the latest UK retailer to launch a company...

Interviews View All

Top executives, Association

Top executives
Association

'Support and Outreach' huge relief for MSMEs

Milind Khandwe, Hindoostan Innovation Centre

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Textile Industry, Head honchos

Textile Industry
Head honchos

Trade buzz: This could be a landmark budget

Mala Alwani,

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Dejan Lalevic,

Dejan Lalevic

Mesdan SPA, a subsidiary of Italian firm Savio Macchine Tessili,...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Sven Ghyselinck, Devan Chemical

Sven Ghyselinck
Devan Chemical

Headquartered in Belgium and with offices in the United Kingdom, Portugal...

Dave Rousse, INDA

Dave Rousse
INDA

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

Kazuaki Yazawa, Purdue University

Kazuaki Yazawa
Purdue University

Scientist <b>Kazuaki Yazawa</b> has developed thermoelectric semiconductor ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

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


August 2020

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


Advanced Search