Home / Knowledge / News / Textiles / Indo-US trade group recommends TUFS extension

Indo-US trade group recommends TUFS extension

22
Feb '07
MUMBAI:


Recommendation to extend Technology Upgradation Fund Scheme (TUFS) from the year 2007 to 2010 and including small and medium enterprises (SMEs) along with other industries besides textiles and jute has been made to Government by Indo-American Chamber of Commerce (IACC).

The extension will help to induct state-of-the-art technology in manufacturing sector.

To sustain India's GDP growth at almost 9 percent per annum it is necessary to stress on manufacturing sector, the chamber said.

India's manufacturing sector grew 11.3 percent in 2006 compared to 9.1 percent year before, the IACC said.

To achieve 9 percent growth target in 11th Five-Year Plan manufacturing sector is important.

"Revitalising Over the Counter Exchange of India, (OTCEI) will provide SMEs much needed access to the stock market to raise capital." recommended IACC.

Paucity of natural resources and highly skilled manpower, poor infrastructure and inefficient regulatory mechanism, high interest rates and taxes are certain constraints hindering this sector, the body said.

India needs to lower taxes and bring in tighter fiscal and monetary policy to emerge as manufacturing leader, the IACC noted.

Manufacturing which contributes 17 percent to GDP can go up to 22 percent with right policy support, the chamber noted.

"India's significantly lower operating cost, relatively strong research infrastructure, large reservoir of technocrats among other factors are proving to be an attractive mix for growing number of major global manufacturers flocking to the country," IACC observed.


Must ReadView All

Pic: ADB

Textiles | On 28th Sep 2021

ADB approves $250-mn loan to support Bangladesh’s economic recovery

The Asian Development Bank has approved a $250-million policy-based...

Pic: Shutterstock

Textiles | On 28th Sep 2021

US 2020-21 cotton exports highest in 15 years

Spurred by record global imports, US cotton exports in 2020-21 were...

Pic: The Microfibre Consortium

Textiles | On 28th Sep 2021

New pledge for zero impact from textile fibre fragmentation by 2030

The Microfibre Consortium executive director Sophie Mather has...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consistency is the first rule of social media

Textile Industry, Head honchos

Textile Industry
Head honchos

Fabric selection & recommendation based on client's brief

Textile Industry, Head honchos

Textile Industry
Head honchos

Blockchain is not a silver bullet for each and every problem in supply...

Shivaani Jain,

Shivaani Jain

Established in 2015, Once Upon A Trunk is a one-stop-shop with almost...

Simone Morgante,

Simone Morgante

Based out of Como, Italy, and with technological expertise of nearly 70...

Seema Mishra,

Seema Mishra

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

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Seema Gujral, Label Seema Gujral

Seema Gujral
Label Seema Gujral

<b>Seema Gujral</b>'s designs for her eponymous label revolve around...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

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

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by <b>Aprajita Toor</b> were born out of a deep desire to...

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


September 2021

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


Advanced Search