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Our Bureau

Coimbatore, Oct. 8 The Powerloom Export and Development Council (PEDXCIL) Chairman, Mr M.S. Mathivanan, has said that many textile projects, including the hi-tech weaving park projects and the park schemes promoted under the Scheme of Integrated Textile Park (SITP) are languishing due to non-activation of the Technology Upgradation Fund Scheme (TUFS).

Many projects are kept in abeyance for more than seven months now due to stoppage of TUFS.

Textile machinery purchases booked by many textile project promoters/investors under TUFS were being cancelled because of non-approval of these projects by banks. Several hundred textile project proposals, including those presented by the decentralised powerloom sector, were pending due to non-resumption of TUFS. This has kept the development of the textile industry on hold.

Mr Mathivanan has urged the Union Textile Minister and the Finance Minister to take steps to reactivate TUFS at the earliest.

More Stories on : Textiles | Modernisation | Tamil Nadu

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