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Additional funds sought for wider implementation of TUFS

Published by | January 20th 2010 | Views:

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The textile industry in India has demanded the government to allocate Rs 4,500 crore in the forthcoming Union Budget, with a view to encourage more SMEs in the sector to adopt the Technology Upgradation Fund Scheme (TUFS).

“Allocation of funds for ensuring the implementation of TUFS will help small-scale textile mills to purchase advanced technological tools, which will help in stepping up productivity as well as competitiveness,” said Nitin Maheswari, proprietor of Ambika Synthetic Mills, a small-sized textile unit in Kolhapur, Maharashtra.

As per estimates of the Confederation of Indian Textile Industry (CITI), funds worth Rs 1,500 crore will be required by the textile sector to clear the arrears created between July and December 2009.It has further sought additional funds worth Rs 3,000 crore for helping small textile mills to adopt TUFS between January and December 2010.

“Given that the textile sector is slowly getting back on track and small units, which had to put on hold their development projects, are now embarking on capacity expansion plans, earmarking of greater funds for the implementation of TUFS will help in paving the way for greater development of SME textile mills,” said Navratan Asopha, proprietor of Balaji Yarns and Fibres, a small-sized yarn agency in Kolkata.

According to a source from the Textile Commissioner office, the Union Ministry of Textiles has recently released Rs 129 crore and will provide additional funds worth Rs 180 crore. Banks have also been asked to submit the details of TUFS that has been disbursed for the September quarter of 2009-10.


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