New Delhi, Feb 2 (KNN) The textile industry has shown concern over slow adoption of the Production Linked Incentive (PLI) scheme and the absence of alternatives to the Technology Upgradation Fund Scheme (TUFS).

Due to this, the industry is having a notable impact on investments in the sector. The industry has consistently urged for a prompt resolution of pending TUFS cases as well.

Rakesh Mehra, Chairman, CITI, stated that despite the interim nature of the present budget and the absence of major policy announcements, immediate relief is essential to address financial stress, particularly in the spinning sector.

Mehra said, “While acknowledging the increased budgetary allocations towards PM MITRA, National Technical Textile Mission (NTTM), and research and capacity building, the industry underscores the government's emphasis on investment.”

The budget allocation for textiles has seen a notable 27.6 per cent increase, primarily attributed to the Rs 600 crore allocation for the Cotton Corporation of India (CCI) for cotton Minimum Support Price (MSP) operations.

Mehra also expressed optimism that the revamped policies recommended by user industry associations will aid cotton procurement, ensuring price stability and discouraging speculative trading.

(KNN Bureau)