Home / Knowledge / News / Textiles / Exclude synthetic fibre sector from TUFS - CITI

Exclude synthetic fibre sector from TUFS - CITI

Apr '07
Government has recently announced that the Technology Upgradation Fund Scheme (TUFS) will be extended to synthetic fibre manufacturers.

For the 11th Five Year Plan, Government has allocated just Rs911 crore for TUFS, which is in first place insufficient and will now be shared by fibre biggies like Reliance Industries Limited, Grasim Industries Ltd and Indo Rama Synthetics Ltd.

Shekhar Agarwal, Chairman, Confederation of Indian Textile Industry (CITI) has written a letter to the Finance Mistry informing that “TUFS assistance for the year 2006-07 has not been disbursed by most of the financial institutions and banks. While some lenders have made some reimbursements for the 1st quarter i.e. April - June 2006, almost the entire reimbursement is pending for the subsequent three quarters of the last financial year. This backlog is likely to be over Rs1,000 crore.”

“The allocation of Rs911 crore for 2007-08 is not sufficient to meet even the backlog of 2006-07. The requirement of TUFS assistance for 2007-08 against loans sanctioned in the earlier years will also be over Rs1,000 crore. Thus an additional allocation of over Rs1,100 crore will be required to ensure that the scheme operates smoothly during the current year,” notes the letter.

In such situation, he expressed surprise at Government's approval to include synthetic fibre industry, which majorly comprises of profit making giants.

Agarwal views that “The fund requirements for the synthetic fibre industry would be huge and if these are to be sourced from the frugal allocation made for TUFS for the current year, the textile and clothing industry, will find it extremely difficult to get proper assistance under the Scheme.”

Must ReadView All


E-commerce | On 19th Sep 2021

Switzerland commits $4.4 mn for UNCTAD’s e-com, digital economy work

Switzerland recently announced a contribution of $4.4 million to the...

Pic: Shutterstock/humphery

Textiles | On 18th Sep 2021

China wants to join CPTPP; Japan to consult members to respond to bid

Chinese commerce minister Wang Wentao recently submitted an...

Pic: Shutterstock

Textiles | On 18th Sep 2021

Eurozone GDP recovers quicker than expected after lockdowns: EU report

The eurozone economy recovered more rapidly than considered earlier...

Interviews View All

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Textile Industry, Head honchos

Textile Industry
Head honchos

Delay in adopting water sustainability both financially & environmentally...

Richard Armitage,

Richard Armitage

Adaptive Control automates, controls and monitors machines, systems and...

Kriti Kanodia,

Kriti Kanodia

A TV show in 2012 where actor Sonam Kapoor customises her own pair of...

Aashumi Mahajan,

Aashumi Mahajan

The Luxe Maison is a premiere haute couture e-boutique established after...

Suresh Patel, Non Woven Federation of India

Suresh Patel
Non Woven Federation of India

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

Hemant Bheda, Arevo

Hemant Bheda

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

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

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

Gavin Miguel, Label Gavin Miguel

Gavin Miguel
Label Gavin Miguel

Acclaimed fashion designer <b>Gavin Migue</b>l is known for his couture...

Anjali Bhaskar, Samatvam

Anjali Bhaskar

<b>Anjali Bhaskar</b> has an experience of 12 years in the fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

September 2021

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

Advanced Search