CCEA approves amended technology Upgradation Fund Scheme for Textiles industry
Updated: Dec 30, 2015 04:39:00pm
New Delhi Dec 30 (KNN) The cabinet Committee on Economic affairs, chaired by Prime Minister Narendra Modi has 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 textiles industry, with effect from the date of notification of the scheme.
The new scheme targets Employment generation and export by encouraging apparel and garment industry, which will provide employment to women in particular and increase India’s share inglobal exports, said an official release.
Scheme to promote Technical Textiles, a sunrise sector, for export and employment as well as conversion of existing looms to better technology looms for improvement in quality and productivity, said the release.
The release said that the amended scheme would give a boost to “Make in India” in the textiles sector; it is expected to attract investment to the tune of one lakh crore rupees, and create over 30 lakh jobs.
The CCEA has approved a budget provision of Rs.17,822 crore in which Rs. 12,671 crore is for committed liabilities under the ongoing scheme, and Rs. 5,151 crore is for new cases under ATUFS.
All cases pending with the Office of Textile Commissioner which are complete in all respects shall be provided assistance under the ongoing scheme and the new scheme will be given prospective effect.
The Technology Upgradation Fund Scheme was introduced by the Government in 1999 to facilitate new and appropriate technology for making the textile industry globally competitive and to reduce the capital cost for the textile industry. A sum of Rs. 21,347 crore has been provided as assistance to the industry during 1999 – 2015. It has led to investments worth Rs. 2, 71,480 crore, and created job opportunities for nearly 48 lakh people. (With PIB Inputs)
The new scheme targets Employment generation and export by encouraging apparel and garment industry, which will provide employment to women in particular and increase India’s share inglobal exports, said an official release.
Scheme to promote Technical Textiles, a sunrise sector, for export and employment as well as conversion of existing looms to better technology looms for improvement in quality and productivity, said the release.
The release said that the amended scheme would give a boost to “Make in India” in the textiles sector; it is expected to attract investment to the tune of one lakh crore rupees, and create over 30 lakh jobs.
The CCEA has approved a budget provision of Rs.17,822 crore in which Rs. 12,671 crore is for committed liabilities under the ongoing scheme, and Rs. 5,151 crore is for new cases under ATUFS.
All cases pending with the Office of Textile Commissioner which are complete in all respects shall be provided assistance under the ongoing scheme and the new scheme will be given prospective effect.
The Technology Upgradation Fund Scheme was introduced by the Government in 1999 to facilitate new and appropriate technology for making the textile industry globally competitive and to reduce the capital cost for the textile industry. A sum of Rs. 21,347 crore has been provided as assistance to the industry during 1999 – 2015. It has led to investments worth Rs. 2, 71,480 crore, and created job opportunities for nearly 48 lakh people. (With PIB Inputs)
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