CITI wants pending TUFS projects on fastrack clearance
09 May '06
1 min read
Confederation of Indian Textile Industry (CITI) wants speedy clearance of projects under Technology Upgradation Fund Scheme (TUFS).
In a letter to the Centre, the Confederation requested for corrective measures if not taken without delay, may affect adversely the textile industry expansion plans.
The confederation also mentioned that investments in the textile and clothing industry, which have been increasing by leaps and bounds fueled by growing domestic consumption and large exports post quota elimination, are running now facing crisis, as Government has stalled the process of paying interest compensation under the TUF scheme.
CITI cited several claims due for TUFS assistance for the October-December 2005 quarter are awaiting approval.
CITI underlined that amount of fund for current year should be increased to Rs900 crore as investments in various segments of the industry are shooting up.
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