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SIMA appeals for early release of pending TUFS subsidies

Southern India Mills’ Association (SIMA), the largest spinning mills association in the country, has appealed to the new government to release the remaining Rs 9,000-crore subsidies under Technology Upgradation Fund Scheme (TUFS). According to P Nataraj, Chairman, SIMA, during the last two decades SIMA has attracted over Rs 3.75 lakh crore of investments in the textile industry besides creating jobs of over 10 million and enabling the Indian textile industry to become globally competitive and increase its exports by manifolds.

The scheme was effective and industry-friendly till 2007 when it was open-ended and later many complications were brought in the guidelines which got further complicated at every stage. This has resulted in a backlog of Rs`9,000 crore of TUF subsidies, severely affecting the financial conditions of the new investors. It has stalled the potential growth, job creation and forex earnings opportunities of the nation.

Releasing the pending TUF subsidies on a fast track basis would help the industry to create jobs for lakhs of people immediately. Resolving the TUFS issues would bring huge investments across the country thus creating jobs for millions of people and boost exports. Special export garment package and enhanced RoSTCL benefits would yield the desired results only when the TUFS issues are resolved

 
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