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Related Keywords: amended scheme to boost Make in India initiatives, Amended Technology Upgradation Fund Scheme, CITI, during blackout and leftout period, effective for seven years, executed and monitored online, government to resolve issue of settlement, not mention committed liabilities, Textile Industry, under iTUFS

The government last week notified the Amended Technology Upgradation Fund Scheme (A-TUFS) for textile sector but did not mention about the committed liabilities during 'blackout and leftout' period in 2010-11. Union Minister Santosh Gangwar said that the government is making efforts towards resolving the issue of settlement of committed liabilities of around Rs 3,000 crore arising out of 'blackout and leftout' period cases under technology upgrade scheme for textile industry.

Related Keywords: affected by the move, Amended Technology Upgradation Fund Scheme, Cabinet Committee on Economic Affairs, committed liabilities under old scheme, completely rejects claims of textile mills, Finance Ministry, owner of a textile mill, so called black out period, subsidy against investment, Textile Commissioner, under TUFS

The Cabinet Committee on Economic Affairs (CCEA) decision to introduce the Amended Technology Upgradation Fund Scheme (ATUFS) and approved R12,671 crore for its “committed liabilities” under the old scheme completely rejects claims of textile mills that had sought subsidy against investments made under the Technology Upgradation Fund Scheme (TUFS) during the so-called black-out period, a senior official said.

Related Keywords: Amended Technology Upgradation Fund Scheme, attract investment, benefit textile industry, better quality in processing industry, better technology looms, boost Make in India initiatives, Cabinet Committee on Economic Affairs, export, introduction of ATUFS, promotion of technical textiles, replace existing RR TUFS, targets employment generation

The Cabinet Committee on Economic Affairs on Wednesday gave nod to the introduction of “Amended Technology Upgradation Fund Scheme (ATUFS)” which will replace the existing Revised Restructured Technology Upgradation Funds Scheme (RR-TUFS) for technology upgradation of the textile industry.

A budget provision of Rs 17822 cr has been approved of which Rs 12671 cr is for committed liabilities under the ongoing scheme and Rs 5151 cr for new cases under ATUFS.