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Cabinet approves Amended TUFS for Textiles industry
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SME Times News Bureau | 31 Dec, 2015
The union cabinet on Wednesday approved the introduction of Amended
Technology Upgradation Fund Scheme (ATUFS) in place of the existing
Revised Restructured Technology Upgradation Fund Scheme (RR-TUFS) for
technology upgradation of the textile industry.
The amended
scheme will boost 'Make in India' in the textile sector and is expected
to generate investment of Rs.1 lakh crore and create over 30 lakh jobs.
The decision was taken at the Cabinet Committee on Economic Affairs meeting, which was presided by Prime Minister Narendra Modi.
"A
budget provision of Rs.17,822 crore has been approved, of which
Rs.12,671 crore is for committed liabilities under the ongoing scheme,
and Rs.5,151 crore is for new cases under ATUFS," a cabinet communique
said.
The new scheme specifically targets employment generation
and export by encouraging apparel and garment industry, which will
provide employment to women in particular and increase India's share in
global exports.
It also aims to promote technical textiles, a
sunrise sector, for export and employment and also promote conversion of
existing looms to better technology looms for improvement in quality
and productivity.
Encouraging better quality in processing
industry and checking need for import of fabrics by the garment sector
is another target.
The office of textile commissioner (TXC) is
being reorganised with its offices to be set up in each state. Officers
of the TXC shall be closely associated with entrepreneurs for setting up
the industry, including processing proposals under the new scheme,
verifying assets created jointly with the bankers and maintaining close
liaison with the state government agencies.
Under the new scheme,
there will be two broad categories - apparel, garment and technical
textiles, would get 15 percent subsidy on capital investment, subject to
a ceiling of Rs.30 crore for entrepreneurs over a period of five years.
The
other category is the remaining sub-sectors, who would be eligible for
subsidy at a rate of 10 percent, subject to a ceiling of Rs.20 crore on
similar lines.
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regading brief detailes
nehru yanamadala | Wed Jan 6 07:37:15 2016
dear sir.i am 30 year exp in textile industries .please sent details of scheam .any web site, wher to get breif details or any phone numbers.
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