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Textile industry sources heaved a sigh of relief minutes after hearing the news about the Cabinet Committee’s nod to the introduction of “Amended Technology Upgradation Fund Scheme (ATUFS)”.
ATUFS has been introduced in the place of the existing Revised Restructured Technology Upgradation Funds Scheme (RR-TUFS) for technology upgradation of the textile industry.
The new scheme specifically targets employment generation and export, promotion of technical textiles, conversion of existing looms to better technology looms and encouraging quality in processing industry.
ATUFS is not only expected to give a boost to “Make in India” initiatives in the textiles sector but also attract investment and create employment potential.
A budget provision of Rs 17822 cr has been approved of which Rs 12671 cr is for committed liabilities under the ongoing scheme and Rs 5151 cr for new cases under ATUFS.
Reacting to the approval of the amended TUFS, Prabhu Damodharan, Secretary, Indian Texpreneurs’ Federation said “it is a timely support and in continuation of the recent initiatives extended by the Centre to the textile sector. The textile industry, particularly those located in Tamil Nadu will benefit from this,” he added.
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