India To Continue Its Textile Subsidy Scheme
July 24, 2012 Indian government will support the textile industry by continuing its Technology Upgradation Fund Scheme (TUFS) for next five years.
According to Indian media reports, Anand Sharma, India’s Commerce, Industry and Textile Minister announced today after the inauguration of Tex-Trends India Expo held in the capital city, New Delhi, the Indian government’s decision to continue its popular TUFS scheme in the 12th five year plan period (2012-2017), which began this April.
Government of India has estimated an outlay for this scheme to be $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 upstream sectors such as weaving and technical textiles are yet to go on high gear with this 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.
More recently, Government of India has been urging its textile exporters to look for non-traditional markets such as South America and Africa.
Tex Trends India 2012 is organized by the Ministry of Textiles, India and features over 400 exhibitors and 2000 global buyers. It is organized in New Delhi from July 16-18, 2012.
GET THE NEWSLETTER TODAY!
