SIMA wants textile machinery import covered by TUF
03 Oct '06
1 min read
South India Mills Association (SIMA), Chairman, SV Arumugam called for the Government to expand all the existing programmes such as the textile park scheme and Technology Upgradation Fund (TUF) that will assist the industry to exploit required equipments to manufacture quality products.
Arumugam said, “Only during the current year, investors, financial institutions and banks are showing interest in fresh investments. We have a long way to go to strengthen the entire textile value chain.”
SIMA has claimed an allowance of Rs2,000 crore under TUF during the next financial year to ensure timely settlement of interest grant and avoid draining of the working capital by the textile mills.
Another proposal demands that TUF cover the import of advanced machinery with nil tax while the second-hand spinning gear be included in the qualified list till autonomy is achieve in domestic machinery manufacturing.
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