Tufs May Be Reintroduced Soon

TUFS May Be Reintroduced Soon

Since the Prime Minister, Narendra Modi is showing special interest in textile sector, the government is likely to reintroduce the Technology Upgradation Funds Scheme (TUFS) for the textile sector in a few months for the betterment of the industry, textile minister, Santosh Kumar Gangwar has said on the sidelines of the Texprocil award function held in New Delhi last week.

Prime Minister evinced keen interest on TUFS, which was launched in early 1990s to boost investment in the textiles sector. Under the scheme, five per cent of the total investment for technology upgradation is compensated by the government.

The scheme was touted to be a great success, attracting massive investment to revive the textiles sector and was discontinued two years ago due to “lack of initiatives of the previous government”.