India has released ₹6,717.18 crore under the Amended Technology Upgradation Fund Scheme (ATUFS) between fiscals 2015-16 and 2019-20, textiles minister Smriti Irani informed parliament upper house recently. “A total of 9,641 applications, covering employment of 2.86 lakh persons and investment of ₹40,026.5 crore submitted by textile units, have been issued...till January 2020,” she said.
ATUFS, implemented with effect from January 13, 2016, has a provision to meet the committed liabilities of its previous scheme versions in addition to the new sanctions.India has released ₹6,717.18 crore under the Amended Technology Upgradation Fund Scheme between 2015-16 and 2019-20, textiles minister Smriti Irani informed parliament recently."A total of 9,641 applications, covering employment of 2.86 lakh persons and investment of ₹40,026.5 crore submitted by textile units, have been issued...till January 2020," she said.#
Irani said the Indian textile sector faces competition from Bangladesh and Vietnam, which enjoy duty free access to key markets like the European Union, while India’s exports face a duty disadvantage, according to Indian media reports.
Besides, Bangladesh and Vietnam have the benefit of economies of scale in textile manufacturing and a large and productive labour force, she added.
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