Govt to uphold TUFS in the 12th plan
Commerce, Industry and Textiles Minister Anand Sharma announced that the Technology Upgradation Fund Scheme (TUFS) for the textile sector would be continued in the XII Plan. The scheme has been allocated Rs.15,886 crore. There is an increase in the amount granted to the scheme against XI Plan when it was Rs 12,000 crore.
What is TUFS?
- TUFS stands for Technology Upgradation Fund Scheme. This is a scheme run by the union govt under which it offers subsidies to the industry for the modernization by installing new machinery and adopting upgrade technology. The scheme is popular among the various textiles domains
What are the major problems being faced by the textile industry?
- The textile industry is grappling with soaring prices of raw material, high interest rates, besides slump in demand in major markets such as Europe and the U.S. The industry is also ailing with piled up debt, massive unemployment and closing businesses.