Approval of the amended technology upgradation fund scheme (ATUFS) would help boost textile and apparel exports, industry body Ficci today said.
"The approval has come as a great relief to the industry especially when the exports were declining in textile and apparel sector," it said in a statement.
It said the focus on employment generation and export under the new TUFS by encouraging apparel and garment industry and promotion of technical textile sector, is a welcome step which will help in furthering the cause of Make in India.
Also Read
The government yesterday approved ATUFS in place of the existing Revised Restructured TUFS for technology upgradation of the textiles industry, a move expected to attract investment of Rs 1 lakh crore and create over 30 lakh jobs by 2022.
(REOPENS DCM61)
Later in a statement, Ficci hailed the formal coming into force of the Asean Economic Community today.
The chamber said it looks forward to working with the Indian government, ASEAN Secretariat and the individual governments of the 10-nation bloc to enhance the connect with India.
"An integrated ASEAN will become an excellent take-off point for international markets and tapping into global value chains.
ASEAN is price-competitive as a source of inputs. Since barriers to trade are coming down, comparative opportunity will guide investments into ASEAN," it added.
The Asean Economic Community is a single market and production base with free flow of goods, services, investment and skilled labor across borders, officially starts today, it said.
