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01 Mar 2024, Edition - 3153, Friday

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Coimbatore

Textile associations thank Govt. for amended TUF scheme

Covai Post Network

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Major textile bodies in the region today thanked the Centre for coming out with the Amended Technology Upgradation Fund (TUF) Scheme of Rs.17,822 crore to the textile sector.

In a statement, Indian Texpreneurs Federation Secretary, Prabhu Dhamodharan said that with this timely support, the textile industry, particularly in Tamil Nadu, will receive major benefits.

Southern India Mills’ Association Chairman, M. Senthilkumar thanked Prime Minister Narendra Modi for the amended TUFs.

A sum of Rs. 21,347 crore has been provided as assistance to the industry under the scheme during 1999–2015, leading to investments worth Rs. 2,71,480 crore and creating job opportunities for nearly 48 lakh people, he said.
The amended TUFs would enable the textile industry to ease their financial position and also plan investments, he said.

He also appreciated the announcement of Ease of doing Business and also reorganizing the Office of the Textile Commissioner so that the Commissioner could closely associate with the entrepreneurs, bankers and State Governments and implement the projects on a fast track mode.

However the scheme was silent on the long pending TUF subsidies of blackout period and left out cases, he said, and appealed to reconsider all left out cases as the investments have also been made and in the absence of support, investments worth over Rs. 65,000 crore were likely to become NPAs.

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