Financial Daily from THE HINDU group of publications
Thursday, Apr 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Apr 21, 2005 |
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Industry & Economy
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Textiles CCEA okays addl capital subsidy under TUFS Our Bureau
New Delhi , April 20 THE Cabinet Committee on Economic Affairs on Wednesday approved an additional capital subsidy of 10 per cent to textile processing units for benchmarked processing machinery under the Technology Upgradation Funds Scheme (TUFS). This subsidy, which is in addition to the normal 5 per cent interest subsidy, will be admissible to the investments made in the benchmarked technology for one year from today. "Textile processing is the weakest link in the textiles scheme. This scheme has been devised with an expectation that it will give a fillip to textile processing and generate employment," the Finance Minister, Mr P. Chidambaram, told reporters after the CCEA meeting here. The CCEA also approved recommendations of the FIPB to allow Emaar Properties, Dubai, to establish a joint venture company in India for development of integrated township project. Under the joint venture, Emaar Properties would hold 60 per cent capital while the Indian partners, MGF Development Ltd and Sarin Estate Pvt Ltd (both belonging to MGF Group), would hold the remaining 40 per cent, he said. This would bring foreign direct investment of $500 million into the country, he said adding that the total project cost was pegged at $833 million.
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