End of TUF scheme may mar textile prospects of Ludhiana
11 Feb '06
1 min read
Textile entrepreneurs of Ludhiana fear that termination of Technology Upgrade Fund (TUF) scheme would mar the prospects of the industry and they want the scheme to be continued for three more years.
Industry experts believe that government's proposed decision to end the scheme will impact negatively on two major upcoming projects – the Rs400-crore project of the Apparel Exporters Association of Ludhiana (APPEAL) and the Rs1,800-crore Ludhiana Integrated Textile Park (LITP).
The industry is also not sure whether it would receive a grant of Rs360 crores from the government under TUF scheme.
However, Union Textile Minister Shankersinh Vaghela promised entrepreneurs during his last visit at TEXTECH 2005 that TUF scheme would continue even after 2007, possibly in some other avtar.
Speaking in favour of TUF scheme, Sanjeev Gupta, Managing Director of APPEAL said that without the scheme, it would be difficult to compete with textile giants like China in international market.
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