Cabinet okays continuing TUFS for textiles

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SME Times News Bureau | 30 Aug, 2013
The Cabinet Committee on Economic Affairs Thursday approved continuing the Technology Upgradation Fund Scheme (TUFS) during the 12th Plan period with a major focus on powerlooms, an official release said.

The total budget outlay for continuing the scheme will be about Rs.11,900 crore, of which Rs.2,400 crore have been allocated for the financial year 2013-14, the textiles ministry release said.

The Technology Upgradation Fund Scheme (TUFS), launched in 1999, has helped the industry to garner investments of Rs.2.43 thousand crore, the ministry said.

It provides, among other things, for increased capital subsidy -- from 25 percent to 30 percent -- for the handloom and silk sectors.