The Textiles Ministry of India will give more incentive for the weaving sector under the Technology Upgradation Fund Scheme (TUFS) in the 12th Five-Year Plan.
Textile commissioner Mr. A B Joshi said the proposal for more incentives in the weaving sector has been submitted and it is in the review stage, Business Standard reported.
The TUFS is in the Pre-Expenditure Finance Committee stage of the Planning Commission and the initial allocation proposed by the textiles ministry is Rs. 120.44 billion, which will differ from the final allocation.
The Planning Commission had earlier given an in principle approval for TUFS to be included in the 12th Five Year Plan.
Since its introduction in 1999, the first phase of TUFS was a huge success. But, over the last couple of years, due to a slowdown in the textile industry there were very few takers for the scheme. The cause for the poor response by the textile companies is the slowdown in the US and the EU.
