The government is considering making TUF scheme more simple and allocating Rs 2,500 crore under it in this financial year, Textiles Minister Santosh Kumar Gangwar said today.
"We are looking at making the TUF scheme more simple so that the textile industry can benefit from it. We are also planning to allot Rs 2,500 crore under the scheme in this fiscal," Gangwar told reporters here at an interactive session with the industry.
The Technology Upgradation Fund Scheme (TUFS) aims to make available funds to the domestic textile industry for technology upgradation of existing units and to set up units with new technology.
As regards tariff rationalisation and free access trade distortions in South Asia and South East Asia, he said the government is aware of it and will try to address these challenges through negotiations and bilateral agreements.
He said technology upgradation, better infrastructure and skilled manpower are required for achieving the target of USD 50 billion exports this fiscal.
The minister emphasised that India should take advantage of global lifestyle changes and focus more on exports of home and technical textiles.
