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Coimbatore, March 10 Textile entrepreneurs who were awaiting clearance of backlog of interest subsidy on their technology upgradation fund (TUF) borrowals may get some relief soon.

The Ministry of Textiles will be releasing this month-end Rs 230 crore that will enable the clearance of interest payout due till March 2007, a top Ministry official said today.

“We have covered almost 80 per cent of applications of pending cases for interest reimbursement and the Rs 230 crore will be released before this month end that will take care of payment backlog due up to March 2007” Ms Sashi Singh, Joint Textile Commissioner, Mumbai, told journalists from the Hindu group.

As for those dues from April 2007 to September or even up to December 2007 will be covered by April or May this year, the official said adding that the number of pending cases of interest reimbursement have come down.

Ms Singh, who was here to take part in a workshop on technical textiles organised by the office of the Textile Commissioner in the city, said that since the revamped TUF scheme notified by the Centre in November last, bankers have started receiving new project proposals from textile entrepreneurs, especially projects related to technical textiles, garment, processing and weaving which stand to get higher capital subsidy under the modified TUF scheme.

All along, the textile industry was complaining of non-clearance of or delay in the release of interest subsidy reimbursement due for textile accounts from the Government even as the former has been voicing concern on the inadequate budget allocation for the TUF scheme reimbursement. The Finance Minister in the 2008-09 Budget had proposed a higher allocation of Rs 1,050 crore for TUFS as against previous year’s Rs 950 crore.

With the Textile Ministry now indicating to provide Rs 230 crore to meet the outstanding interest subsidy payout, it will be in a position to pool funds to the extent of Rs 1,100 crore to clear the interest subsidy backlog of 2007.

More Stories on : Textiles | Tamil Nadu

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