Indian government to continue the Technology Upgradation Fund Scheme (TUFS) and supports the textile industry for next five years, according to a fibre2fashion report.
After the inauguration of Tex-Trends India Expo held in the capital city, New Delhi, Anand Sharma, India’s Commerce, Industry and Textile Minister announced today that Indian government will continue its popular TUFS scheme in the 12th five year plan period (2012-2017), which began this April, added the report.
Government of India has estimated a rough calculation to this scheme to be US$ 3.17 billion (Rs. 15, 886 crores) for the 12th five year plan period. This is $ 777.2 million (Rs. 3,886 crores) more than the allocation done during the 11th Five Year Plan that ended in March 2012.
The spinning sector of the Indian textile industry has been successful in utilizing the TUFS scheme and the downstream sectors such as weaving and technical textiles are yet to benefit highly by the scheme.
According to today’s press release by the Government of India, Ministry of Textiles is oriented towards making adequate quantities of raw material available to all sectors of the textile industry and increasing the production of fabrics at reasonable prices from the organized and decentralized sectors of the industry. Currently, Government of India has been urging its textile exporters to look for non-traditional markets such as South America and Africa.