Textile industry may get investments of around Rs30000 crore under the Technology Upgradation Fund Scheme (TUFS) by the end of next FY, said Shankersinh Vaghela, Union Textile Minister.
He also added that in the last 20 months, the industry has attracted more than Rs28000 crore under TUFS and from this fund, Gujarat has been granted around Rs18000 crore.
Under TUFS, Kutch, Vapi, Ahmedabad and areas in close proximity to Silvassa from Gujarat have received remarkable investments, conveyed the Minister.
Moreover, the State has been allotted two integrated textile parks in Surat and Kutch. With this the total number of parks has grown to 25, 9 projects of which have been sanctioned this year alone.
Speaking on Budget proposals, Vaghela said that tax concessions announced for the textile industry would help exports to the US and Europe increase considerably.
Industry has already recorded exports to these destinations growing by 26 percent and 18 percent respectively last year, he added.
marketing@alchempro.com
