The government had initially estimated disbursal of Rs18,000 crore under the Technology Funds Scheme (TUFS) but with the increasing interest from the textile industry and the opportunities that lie ahead government is now looking to disburse textile funds of around Rs 30,000 crore under ATUFS scheme by 2022, said Santosh Kumar Gangwar, union minister of textiles, independent charge on the sidelines of the Make in India event held in Mumbai.
The amount marks a 67% increase in disbursals from its original plan, Gangwar added
The government also wants to bring Indian textiles sector at least at par with this industry in Vietnam, Cambodia, Bangladesh and Pakistan for larger global market access with low cost of manufacturing.
The ministry is in the process of finalising guidelines under the A-TUFS, which will be announced by the end of the current month. The textiles ministry has already notified A-TUFS early this year.
Under this new scheme, all new units in the textiles sector would be facilitated with the benefits. Existing units interested in upgrading their technology would also be availed the benefit of this scheme, said Rashmi Verma, Secretary, Ministry of Textiles.
In the early nineties, when the TUFS were introduced the scheme proved very successful in attracting investments. With the immense opportunities lie ahead in the textiles sector, the textiles ministry want to extend TUFS scheme to make textile sector more attractive to make India truly a textile manufacturing hub.
Von Holzhausen, a material innovation company, has introduced the Apple Vision Pro Carry Sling, a sustainable, hands-free accessory designed for…
The PMC is set to establish the city’s first dedicated textile waste processing facility to manage the 100-125 tonnes of…
A research team has introduced a new concept for wearable electronic textiles (e-textiles) that are both environmentally friendly and biodegradable.
In Marseille, France, the newly opened Cité Scolaire Internationale de Jacques Chirac is making waves in sustainable architecture.
Global stakeholders are being called to combat misinformation about Kenya’s secondhand clothing industry and focus on evidence-based research to shape…
Nissan has introduced the Denim Tribute collection, featuring six car models designed in collaboration with Beams, highlighting the artistry of…