As a part of relief package to debt ridden textile industry, the government has decided to enhance subsidy under Technology Upgradation Fund Scheme (TUFS) to Rs 1,000 crore over the next five years, Commerce & Textiles Minister Anand Sharma has said.
“We plan to increase the subsidy component of TUFS to Rs 1,000 crore over the next five years,” Sharma said. The ministry is targeting to upgrade 2 lakh looms out of 23 lakh during the 12th Plan, with 26 per cent assistance under TUFS for the weaving sector, he said.
The development comes after last Tuesday’s financial package announced by the Centre, under which it had asked banks to restructure loans worth Rs 35,000 crore for the textile sector.