With no mention in the Union Budget on extending the Technology Upgradation Fund Scheme (TUFS) into the XII Plan, the textile industry hoped a separate announcement would be made soon on continuing the scheme for another five years.
“The Central Budget has no reference to the TUFS. We hope a separate announcement would be made by the government for extending the scheme to the XII Plan,” said S. V. Arumugam, Chairman of Confederation of Indian Textile Industry. It was essential to extend the scheme to encourage technology upgradation in the weaving, processing and technical textiles sectors and enhance value addition of textile products, said S. Dinakaran, Chairman of Southern India Mills' Association. Tirupur Exporters' Association President A. Sakthivel said in a release that the garment sector expected an announcement soon on continuing the TUF scheme for the next five years.
The industry also expressed disappointment over increase of excise duty on manmade fibres to 12 per cent from 10 per cent.
