Decisions are being made to accelerate the extension of the Textile Upgradation Fund Scheme
The textile ministry wants the Reserve Bank of India (RBI) and the Finance Ministry to make the textile sector closer to the priority sector—a move that would allow it to get benefits.
Addressing a press conference here, K.S. Rao, Union Minister for Textiles, said there were moves to accelerate the extension of the Textile Upgradation Fund Scheme (TUFS) which had been earlier approved but had to still come into effect.
Mr. Rao, who took charge of the ministry last week, said the priority was the handloom sector. “The number of people depending on the handloom sector has, in fact, come down in the last decade. But the artisans must be taken care of.”
The government had set up a restructuring & revival scheme for them. “To begin with, we will provide Rs. 3,400 crore for loan waivers, and promote efficiency by providing new equipment. We will approach the Finance Ministry and cabinet to provide more money,” he said.
India’s textile exports fell 5 per cent in 2012-13 to $ 35 million.
New export markets
The ministry is now identifying new market for exports such as Japan, Latin America and Australia. “We want to achieve our ambitious goal of $ 50 billion exports this year. I want to gear up the ministry to take decisions without ‘redtapism’. We must be able to provide right decisions at the right time,” he added.