The Ministry Of Textiles Of India Agrees With The Proposal Of The New Technical Pformation Fund (TUFS).
Recently, India federal textile minister Yiannis di marang agreed with the proposal put forward by most textile experts in connection with the revised TUFS. The Ministry of textiles welcomed this.
It is reported that the draft of the revised technical pformation fund plan is proposed to be submitted to the cabinet for approval in the next 10 days.
The modified technology fund plan will bring great benefits to weaving, processing and skilled textile industry.
The plan is likely to be announced by the end of this month.
It has been revealed that the Ministry of textiles has agreed to increase the direct subsidy to the knitting industry by 25%, and also provide the same direct subsidy to other independent preparatory units, such as double twisting, winding and warping machines.
India will also provide 20% subsidy to the small units that invest less than 50 million rupees in processing and clothing sectors.
However, in the pformation sector of the skilled textile sector, a unit with an investment of more than 50 million rupees will be granted a 25% capital subsidy and a 5% interest rate subsidy.
Textile minister Marang has also approved the proposal to extend the 5% interest rate subsidy and 10% subsidy to the modernization of the fabric processing industry.
India has great potential to become a major competitor of the skilled textile sector.
25% of the subsidy to the pformation industry and 5% of the interest rate subsidy will change the face of the textile sector.
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