Government has decided to sanction additional funds required by textile industry, as the allocated amount in the year's Budget is insufficient.
Besides, amount of Rs 1000 crores set aside for Technology Upgradation Fund Scheme (TUFs) will most likely be raised as the Scheme's expiry date has been extended to 2012. TUFs were scheduled to end in March 2008. Textile industry is glad of the the Government's decision, since it is aggressively planning advanced techniological reformations and massive expansions.
At an award ceremony of Apparel Export Promotion Council (AEPC), Textiles Secretary, AK Singh confirmed the announcement, and said that the amended scheme will be revealed in August. However, the allotted addition was not revealed.
Singh further explained, “The ministry was aware of the difficulties faced by the industry because of non-operation of the scheme, rupee appreciation and increasing interest rates. The Prime Minister is positive about these and there will be good news for the industry."
However, the Government is very optimist about the new plan and is focusing on rapid upliftment in the sector.
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