Home / Knowledge / News / Textiles / 'Rs 3000 mn released under TUF not adequate – Mr Nair, CITI

'Rs 3000 mn released under TUF not adequate – Mr Nair, CITI

21
Nov '08
The government is all set to disburse within ten days, the outstanding amounts under the Technology Up-gradation Fund Scheme (TUF) to the textile industry amounting to Rs 3,000 million. The TUF scheme was introduced in 1999 and modified last year. Under the scheme, a company is eligible for 5 percent interest reimbursement and 10 percent capital subsidy required in modernization of textile machinery, subject to technology bench marks specified under the scheme.

Fibre2fashion spoke to Mr DK Nair, Secretary General of Confederation of Indian Textile Industry (CITI) who did not seem much enthusiastic about the disbursal. He was quite categorical when he said, “In the Central Budget of 2008-09, an amount of Rs.10,900 million had been provided for TUFS and we had pointed out immediately after the presentation of the budget, that this amount was "woefully inadequate".

He added by saying that “Textile Ministry has already released the entire amount of Rs.10,900 million which has covered only the backlog of last year's claims for the period up to September 2007, that too not all the claims. Thus, more than half of the claims of last fiscal and all the claims of the current year for TUFS assistance are still pending. We understand that Rs.3,000 million has been made available for the scheme in the revised estimates passed by Parliament recently.”

Fibre2fashion News Desk - India


Must ReadView All

Pic: Shutterstock

Textiles | On 12th Jun 2021

G20 GDP returns to pre-pandemic level in Q1 2021: OECD

Gross domestic product (GDP) of the Group of 20 (G20) area returned...

Pic: Stock for you / Shutterstock.com

Apparel/Garments | On 12th Jun 2021

Prime Content| Japan's clothing imports fall 13.2% in 2020-21

Japan’s imports of clothing and accessories declined by 13.2 per cent ...

Pic: Shutterstock

Textiles | On 12th Jun 2021

Setting right targets for issues key to building biodiversity strategy

Setting the right targets for issues in play in locations, i.e.,...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Great step towards realising end goal of 'AtmaNirbhar Bharat'

Textile Industry, Head honchos

Textile Industry
Head honchos

Uniform designing is a numbers game

Textile Industry, Head honchos

Textile Industry
Head honchos

Wearables have very limited reach

Rajat Kapoor,

Rajat Kapoor

Seraphine is a British maternity brand providing affordable luxury fashion ...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Chendhuran Sundar,

Chendhuran Sundar

It manufactures and retails menswear garments in India under the brand...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

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

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Keith McMillen, Bebop Sensors

Keith McMillen
Bebop Sensors

Bebop Sensors' smart fabrics allows for a new level of interaction between ...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Anjali Bhaskar has an experience of 12 years in the fashion industry. She...

Anjali Bhaskar, Samatvam

Anjali Bhaskar
Samatvam

Samatvam, a womenswear brand that blends age-old craftsmanship with modern ...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

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


June 2021

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


Advanced Search