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Wednesday, 1 March 2017

TEXTILE INDUSTRY TO MAKE REPRESENTATION TO GOVT

Textile entrepreneurs have decided to make a strong representation to minister of state for textiles Sources said for providing relief in the recently announced 10 per cent capital subsidy on capital investment under the Amended-Technology Upgradation Fund Scheme (A-TUFS). Ministry of Textiles Sources said minister of state for textiles Ajay Tamta will be in the announced that the entrepreneurs into the made-ups and garmenting sector will be given 10 per cent subsidy on capital investment under A-TUFS. However, there was an amendment in the subsidy scheme as those investing Rs1 crore will have to employ around 60 workers, whereas big units investing over Rs20 crore with annual turnover of Rs150 crore need to create 1,800 new jobs. Textile industry leaders said the entrepreneurs, under the newly announced subsidy scheme, will start getting benefits of the subsidy only after three years. Diamond City on Saturday to inaugurate Surat International Textile Expo (SITEX) at Surat International Exhibition and Convention Centre (SIECC) at Sarsana. Textile industry leaders will be making a representation to the minister to provide relief to the sector in order to boost manufacturing of made-ups and garments in the man-made fabric (MMF) hub of Surat. "We are going to represent the issue before the minister and seek his intervention and guidance in supporting the industry. If the subsidy scheme is made industry-friendly then more and more entrepreneurs will take the benefit, thereby providing a new platform to the traditional MMF hub for manufacturing garments and made-ups" said textile leader Girdhar Gopal Mundra.

Source: The Times of India

    
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