Textiles Ministry is looking to disburse fresh funds to the tune of Rs 30,000 crores to the textile industry under the revised Amended Technology Funds Scheme by 2022. This is due to increased interest from the industry and the opportunities that lie ahead. Indian textile exporters are keen to make a bigger mark on the world stage.
The amount also marks a 67 per cent increase in disbursals from the original plan. Initially, Rs 18,000 crores were allotted for disbursal under the scheme. Under the new scheme, all new units in the textile sector would be facilitated with benefits. Existing units interested in upgrading their technology can also avail of the benefits of this scheme.
When the Technology Upgradation Fund Scheme was introduced in the early nineties, the scheme proved very successful in attracting investments. With the immense opportunities lying ahead in the textile sector, TUFS will be extended to make the textile sector more attractive and make India truly a textile manufacturing hub.
The aim is to bring the Indian textile sector at par with the textile industry in Vietnam, Cambodia, Bangladesh and Pakistan and get a larger global market access with low cost of manufacturing. With the Trans Pacific Partnership, Vietnam looks to upstage its competitors.