Confederation of Indian Textile Industry (CITI) has welcomed the announcement of Technology Upgradation Fund Scheme (TUFS) for implementation during the 12th Plan Period.
In a statement here Mr. S.V. Arumugam, Chairman stated that the announcement will invigorate the entire textile sector. He observed that the textile sector has just come out of a difficult period and is on the threshold of the growth.
The announcement of the scheme would encourage the much needed investments in all the segments of the industry both for modernisation and expansion.
Mr. Arumugam appreciated the focus on the fabrics industry in the new scheme and stated that the increase in the interest rate from 5% to 6% and capital subsidy from 10% to 15% for new shuttle-less looms would strengthen the fabric industry which is also vital for the growth of the upstream segments like spinning and the down-stream segments like garmenting and home textiles.
Mr. Arumugam thanked central government in general and the Textile Minister in particular for the announcement of the new scheme and for the improvements incorporated in the scheme.
He observed that a large number of potential investors had been waiting for the announcement of the scheme and the investments would now get into stream. This, he added, would help the textile and clothing industry of the country to effectively utilise the opportunities currently opening up both in the domestic and international markets.
