India will continue the textile sector technical transformation fund plan
The Indian textile industry’s request for extending the Technical Upgrading Fund (TUF) program seems to have been resolved to a certain extent.
Ms. Kiran Dhingra, India’s Textile Secretary General, said that the TUF plan will continue to be implemented at least temporarily. She said that the Ministry of Textiles has proposed to extend the TUF scheme in the 12th Five-Year Plan with an allocation of Rs 15,886 crore.
The reorganized technical reform fund plan will pay more attention to downstream industries of textile production industries such as weaving, processing and high value-added. However, it has not yet received the expected response, especially in the last year of the 11th Five-Year Plan, perhaps because of the weakening microeconomic situation, she said.
She added that if the performance of the technical transformation plan does not improve this year, the Textile Ministry will have to review and adjust the plan to make it more beneficial to the textile industry.
In addition, she revealed that the Ministry of Textiles has announced that in addition to the 40 approved textile parks, 21 comprehensive textile parks will be established. Of the 40 textile parks, 24 are already in operation and the other 21 are about to be completed.
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