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Tuesday, Dec 21, 2004

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KniCMA seeks higher interest subsidy for TUFS borrowings

Our Bureau

Coimbatore , Dec. 20

THE Knit Cloth Manufacturers Association (KniCMA) has suggested to the Centre to increase interest subsidy given to textile entrepreneurs availing technology upgradation fund scheme (TUFS) capital borrowings from 5 per cent to 8 per cent. A higher interest subsidy would help expedite the pace of the modernisation of the domestic textile industry and also the offtake of capital borrowings by the textile units.

The KniCMA President, Mr Ahil S. Rathnasamy, has in a statement said that in the last five years, the availment of the funds under the TUFS had touched only Rs 8,000 crore against the initial projection of Rs 25,000 crore.

Now the tenure of TUFS had been extended by another two years and the scheme would last till 2007. But to make the utilisation of the scheme wider, the association had been pleading for a higher interest subsidy, he said, adding that the recent remarks of the Union Textile Minister, Mr Vaghela, suggesting that the Government was thinking of increasing the TUFS interest subsidy rate from the present 5 per cent had brought cheer to the industry.

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