More money sought under TUFS
Updated: Jun 28, 2014 02:45:44pm
Coimbatore, Jun 28 (KNN) In a move that will help the small and medium enterprises (SMEs), the Textile Ministry has sought more money under the Technology Upgradation Fund Scheme (TUFS) for modernisation of the sector.
“We need more funds for TUFS. We are seeking higher allocation,” textile commissioner Kiran Soni Gupta said.
TUFS was launched in 1999 with an aim to provide capital for modernisation of Indian textile industry at international interest rate.
Loans under the scheme are extended by the nodal agencies or co-opted institutions to the identified segments of the industry for the projects in conformity with the scheme and financial norms of the financial institutions concerned.
The government had approved the continuation of TUFS for the 12th plan period (2012-17) with a budgetary allocation of Rs 11900 crore. The scheme would require at least Rs 15000 crore for the entire plan period, she said.
The textiles commissioner said the ministry is also planning to make TUFS procedure online to ensure hassle-free disbursal of subsidy.
The online facility will consist of different parts for users such as beneficiaries, bankers, the Office of the Textile Commissioner and the Ministry of Textiles. There will not be big gap in the application to sanction process, she added. (KNN/ST)
“We need more funds for TUFS. We are seeking higher allocation,” textile commissioner Kiran Soni Gupta said.
TUFS was launched in 1999 with an aim to provide capital for modernisation of Indian textile industry at international interest rate.
Loans under the scheme are extended by the nodal agencies or co-opted institutions to the identified segments of the industry for the projects in conformity with the scheme and financial norms of the financial institutions concerned.
The government had approved the continuation of TUFS for the 12th plan period (2012-17) with a budgetary allocation of Rs 11900 crore. The scheme would require at least Rs 15000 crore for the entire plan period, she said.
The textiles commissioner said the ministry is also planning to make TUFS procedure online to ensure hassle-free disbursal of subsidy.
The online facility will consist of different parts for users such as beneficiaries, bankers, the Office of the Textile Commissioner and the Ministry of Textiles. There will not be big gap in the application to sanction process, she added. (KNN/ST)
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