The Indian government will support the textile industry by continuing its Technology Upgradation Fund Scheme (TUFS) for the next five years.
Anand Sharma, India’s Commerce, Industry and Textile Minister, made the announcement following the inauguration of Tex-Trends India Expo, which is held in the capital city, New Delhi, that the Indian government had decided to continue its popular TUFS scheme in the 12th five year plan period (2012-2017), which began this April.
The Government of India has estimated an outlay for this scheme is to be $3.17bn (Rs. 15, 886 crores) for the 12th five year plan period. This is $777.2m (Rs. 3,886 crores) more than the allocation done during the 11th Five Year Plan that ended in March 2012.
The spinning sector of the Indian textile industry has been successful in utilising the TUFS scheme and the upstream sectors such as weaving and technical textiles are yet to fully utilise this scheme.
According to a press notice issued by the Government of India, the Ministry of Textiles is oriented towards making adequate quantities of raw material available to all sectors of the textile industry and increasing the production of fabrics at reasonable prices from the organised and decentralised sectors of the industry.
More recently, the Government of India has been urging its textile exporters to look for non-traditional markets such as South America and Africa.
Tex Trends India 2012 is organised by the Ministry of Textiles, India and features over 400 exhibitors and 2,000 global buyers, and runs from July 16-18, 2012.
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