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Discontinuation of TUFs setback for Surat textile sector
Source: Fibre2fashion News Desk - India Date: 2010-07-09
The entrepreneurs in the textile industry of Surat, which is the biggest man-made fabric hub in India, are a perplexed lot these days. This is so, due to the announcement of the Union Textile Ministry to stop taking new applications under the Technology Up-gradation Fund Scheme (TUFs).
It may be recalled that the TUF scheme was one of the most successful schemes ever launched by the Government of India for the benefit of the textile industry. This scheme had helped the sector to modernize their machinery and helped them become competitive in national and global markets.
The Surat textile sector too had wholeheartedly benefited from the scheme since it gave them a opportunity to upgrade their old powerlooms by installing the latest machinery available in the market like, Airjet, Waterjet and Rapier looms and at the same time also avail a 20 percent subsidy under the scheme.
Speaking exclusively to fibre2fashion, Mr Devkishan Manghani, Secretary of Federation of Surat Textile Traders Association (FOSTTA) said, ��The TUF scheme had helped the textile sector to come with new varieties at a low cost, which used to have a ready saleable market.��
He added by saying, ��With the discontinuation of TUFs, the industry will lose its competitiveness and will prove to be a huge setback for the textile industry as a whole as it will now hamper growth of the sector
It may be recalled that the TUF scheme was one of the most successful schemes ever launched by the Government of India for the benefit of the textile industry. This scheme had helped the sector to modernize their machinery and helped them become competitive in national and global markets.
The Surat textile sector too had wholeheartedly benefited from the scheme since it gave them a opportunity to upgrade their old powerlooms by installing the latest machinery available in the market like, Airjet, Waterjet and Rapier looms and at the same time also avail a 20 percent subsidy under the scheme.
Speaking exclusively to fibre2fashion, Mr Devkishan Manghani, Secretary of Federation of Surat Textile Traders Association (FOSTTA) said, ��The TUF scheme had helped the textile sector to come with new varieties at a low cost, which used to have a ready saleable market.��
He added by saying, ��With the discontinuation of TUFs, the industry will lose its competitiveness and will prove to be a huge setback for the textile industry as a whole as it will now hamper growth of the sector
