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Textiles

Textile Ministry in favour of TUFS' extension

18 Dec '06
1 min read
Ministries of Textile and Finance are locking horns as Technology Upgradation Fund Scheme (TUFS) is going to expire on March 31, 2007.

While textile industry is demanding for the extension of the scheme, Finance Ministry is in favour of abolishing scheme next year.

According to a recent evaluation of the scheme, there was an increase in productivity, decrease in cost and improvement in unit value realization.

Official sources informed that even Prime Minister's Office and the Planning Commission are not in favour of extension.

Industrial experts estimate a burden of Rs1,500 to Rs2,000 crores to the exchequer by the scheme.

More than 5,600 applications with project costs more than Rs47,000 crores have been sanctioned till September 30.

Finance ministry is of the opinion that they cannot keep on giving subsidy to industry that has progressed over the last couple of years.

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