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Our Bureau

Mumbai, Nov 5 The upfront capital subsidy of 10 per cent extended to the apparel and technical textile segments with five per cent interest reimbursement appropriated in the modified Technology Upgradation Fund Scheme (TUFS) were welcomed by Confederation of Indian Textile Industry (CITI).

With TUFS in abeyance since April this year, investments in the textile chain were affected substantially leading to problems in the textile machinery industry, according to a press release.

“TUFS has the potential to impart competitiveness to the industry in the medium term. However, for immediate relief in the context of the rupee appreciation and interest escalation, it will be necessary to reimburse the State duties and make packing credit available at six per cent,” said Mr P.D. Patodia, Chairman, CITI.

He added that the survival of the industry in the short term was a requirement for the industry to be able to take advantage of the positive policy inputs, which will be useful in the medium term.

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