Home / Knowledge / News / Textiles / Dayanidhi Maran releases Rs 2,546 crore subsidy under TUFS

Dayanidhi Maran releases Rs 2,546 crore subsidy under TUFS

06
Aug '09
Thiru. Dayanidhi Maran, Minister of Textiles announced the release of subsidy of Rs 2,546 crore under the Technology Upgradation Fund Scheme (TUFS). While announcing this at a Press Conference here, Thiru. Maran said that this is for the first time that such a large amount of subsidy has been released in a single tranche and the amount will be credited to the bank accounts of beneficiaries in the record time of 72 hours (3 working days). The Subsidy, with this release, will be cleared upto June 30, 2009.

Thiru. Dayanidhi Maran, also announced the constitution of forty one members Working Group under the Chairmanship of Secretary (Textiles) to formulate the National Fibre Policy. The Working Group has representatives from the Government, Trade and user Industry, and it will submit its recommendations within three months.

Thiru. Maran also informed that contrary to global trends, India textiles industry is predominantly cotton based and the ratio of cotton to manmade fibre is 60:40, while it is reverse in developed countries. The issue has been engaging the attention of the Government and stakeholders, and on assuming charge he had announced the framing of a National Fibre Policy in a time bound manner. This commitment was subsequently reiterated in the 'Agenda for 100 Days', said Thiru. Maran. The Group will examine ways to promote use of fibres equitably as to ensure balanced growth of the entire textiles chain keeping in view the future trends and the present consumption pattern both for domestic and export markets, said the Textiles Minister.

Thiru. Maran outlined that the Group has been mandated to suggest areas of concerted interventions by the Government in policy matter, investment augmentation, support mechanisms, both fiscal and non-fiscal, to enhance the growth and competitiveness of this labour intensive manufacturing sector. Besides, the Group will also analyze and suggests measures as to how the country will be in a position to attain self-sufficiency in the fibres for internal consumption, value additions and exports.

Highlights of TUFS:
The scheme has stimulated additional investments of Rs.1,66,839 crore; benefited 24,685 textiles units, including 17,659 small scale units; enabled the textiles industry to successfully face challenges of global competition;. reduced the cost of capital for acquisition of the state- of- the- art technology by 5%; ignited growth of processing, garmenting and technical textiles sectors by extending 10% capital subsidy; assisted the powerloom units by extending 20% margin money subsidy and empowered the small scale sector with 15% capital subsidy, informed Thiru. Maran.

Click here the State-wise details of amount of subsidy released under TUFS today and number of applications.

Press Information Bureau


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