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Related Keywords: CITI, excise duty, finished products, import raw material, Indian Department of textiles, Indo Rama Synthetics, issue of duty rationalization, make in India’ programme, man made fibre, PTA, taxed heavily, TUFS, with the PM

This is for first time that the Indian department of textiles has taken up the issue of “duty rationalization” with the PM, although it has noted that the approvals of other ministries are key to making such plans a reality. At present, man-made fibres attract a 12% excise duty while cotton fibres attract none. Similarly, imports of some of the raw materials for producing man-made fibres are taxed heavily and those of their finished products are taxed lower.

Related Keywords: Confederation of Indian Textile Industry, exhibition of textile machinery, Indian textile industry, MMF, Ninth edition of Texfair, second edition of Farm to Finish, SIMA, spares and accessories, textile product exhibition, TUFS

The ninth edition of Texfair, an exhibition of textile machinery spares and accessories, and the second edition of Farm to Finish, an exhibition of textile products started off at the Codissia Trade Fair Complex organized by Southern India Mills’ Association (SIMA). The event is on for four days from January 9.

At the inaugural of Texfair 2015, Prem Malik, chairman of Confederation of Indian Textile Industry, said that one of the main areas that the Indian textile industry needs to focus on is diversifying to man-made fibre-based textile products.

Related Keywords: export market, Indian Textiles Industry, MMS, modernization of processing, new textile policy, restructuring, Shuttle-less loom, spinning, Technology Upgradation Fund Scheme, Textile Ministry, TUFS, weaving

Technology Upgradation Fund Scheme (TUFS) which was introduced in 1999 to catalyze investments in all the sub sectors of textiles industry by way of interest reimbursement. The scheme mainly focuses on modernization of processing, spinning, and weaving, garmenting and technical textiles segments, where there is good scope for massive employment generation and value-addition.

The textile ministry is now mulling over a proposal to restructure the textile upgrade fund (TUF) for making it broad based to include many more areas and make better benefits under the new textile policy proposed.

Related Keywords: all state government, High level meeting, innovative business model, modificaion of existing scheme, powerloom weavers, TexFund, textile clusders, textile miinister, TUFS

A high-level meeting of all state governments will be held with textile minister to discuss new schemes and modification in existing schemes in the textile sector. Many issues are likely to feature in this high level meeting.

Related Keywords: China, Combed cotton yarn, cotton yarn demand drop, Indian cotton yarn producer, Indian textile industry, largest importer, Southern India Mills Association, TUFS

Indian cotton yarn producers facing a tough time as the demand for cotton yarn from China, the largest importer of Indian yarn has slowed down since April due to which exports have dropped and subsidies under technology upgradation fund scheme (TUFS) have been overdue for the past few months.

Mills have also not received interest subsidies under TUFS since December. For investments to the tune of Rs 65,000 crore made by over 1,000 units since 2010, interest subsidy of around Rs 3,000 crore is pending. This has put further pressure on the working capital of the mills

Related Keywords: FDI in textile, Indian textile sector, ISDS, market development, powerloom, SITP, techinical textile, textile export, Textile Ministry, TUFS

Resurgence has been witnessed in the Indian textile sector with the introduction of Foreign Direct Investment (FDI). Maximum utilization of FDI has been ensured by the textile minster and his ministry. The government is providing grants under market access initiative and market development assistance scheme for this purpose.

Related Keywords: design of textile cluster, Ichhalkaranji textile cluster, indigenous manufacturing of textile industry, skilled manpower, Textile cluster in Surat, TUFS, yarn bank

In a meeting held between textile commissioner Kiran Soni Gupta and members of man-made fabric industry of the city on Wednesday discussed over various issues ranging from TUFS, indigenous manufacturing of textile machinery, skilled manpower requirements, yarn bank, etc. Also design of the textile cluster in Surat was the major point of discussion.

Related Keywords: ATIRA, capital subsidy, Gujarat textile industry, processing, readymade garment sectors, RRTUFS, SITP, Technical textile, Textile Commissioner, TUFS

Gujarat textile industry taking maximum benefit from the Technology Upgradation Fund Scheme (TUFS). In TUFS under 15 percent MMS, 90 percent of the application were received from Gujarat, stated Kiran Soni Gupta, IAS, Textile Commissioner at the meeting held at the Ahmedabad Textile Industries Research Association (ATIRA) between the Textile Commissioner and textile industry stakeholders on Tuesday.
 

Related Keywords: 2014 budget, construction MSMEs, CRISIL, employment, infrastructure investment, mega cluster, semi-skilled workforce, skilled, textile sector, TUFS

The textiles sector and construction MSMEs is set to witness a substantial increase in employment following the 2014 budget. Though, it already offers numerous opportunities to the country's skilled and semi-skilled workforce.

With the budget 2014 allocating Rs.330 crore for textile sector, which includes enhancements to the Technology Upgradation Funds Scheme (TUFS) and plans to set up six new mega-clusters across the country.

Related Keywords: budgetary allocation for textile, handloom sector, import duty on ethylene, import duty on propylene, readymade garment, Technology Upgradation Fund Scheme, Textile budget, textile clusters, Textile Minister, TUFS, Union budget 2014-15

The Narendra Modi government, which has sought 60 months from the Indian electorate to bring good days, in its first budget exuded its intent to kick start the investment cycle to nurse India's ailing economy back to good health. Coming amid high expectations from the textile and garment industry, the Finance Minister Arun Jaitley, in his maiden Union Budget 2014-15, charmed the industry participants with an array of encouraging proposals.