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Tirupur exporters hail scheme’s clearance
Our Bureau
Coimbatore, Nov 2 Tirupur Exporters Association (TEA) has welcomed the clearance of the Technology Upgradation Fund Scheme (TUFS) by the Ministry of Textiles.
The association has also appreciated the Centre for providing, besides the 5 per cent interest reimbursement under the scheme, extension of 10 per cent capital subsidy to the garment industry and technical textiles sector.
The clearance of the TUF scheme, coming at a time when textile exporters are passing through severe crisis due to the rupee appreciation, would be helpful to the exporters seeking to add capacity and modernise their machinery, the TEA President, Mr A. Sakthivel, said in a statement.
Mr Sakthivel thanked the Union Finance and Textile Ministers for the TUFS clearance, and asked that the provision of 10 per cent capital subsidy in addition to the 5 per cent interest reimbursement allowed now be given retrospective effect from April 2007 as this will give relief to exporter-manufacturers who have been investing on the machinery with the anticipation that the TUF scheme would be cleared on that date.
The provision of 10 per cent capital subsidy in addition to the 5 per cent interest reimbursement allowed now must be given retrospective effect from April 2007.
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