Ailing textile industry gets ministry boost

The textile ministry is all set to move cabinet soon and seek Rs 1 lakh crore under the restructured Technology Upgradation Fund Scheme (TUFS). This will facilitate expansion plans of textile companies, reports Malvika Jain.

The textile sector continues to be under stress and the ministry is going to seek the money from the government for the 12th plan period ending 2017.

The companies on their part will have to shed approximately Rs 1.5 lakh crore as the scheme is going to be investment linked. In principle, it has been already approved by the planning commission.

The textile ministry is also looking at a proposal of 5 percent interest subvention for sub-sheds. The textile sector continues to be under pressure from the statement that was made by the finance minister recently. As far as the ministry is concerned, it was only looking at TUFS restructuring at this stage and no ESOPs are being sought by the ministry. But, in the meantime it is also looking at a handloom revival package for now.

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