Cabinet approved the introduction of "Amended Technology Upgradation Fund Scheme (ATUFS)" in place of the existing Revised Restructured Technology Upgradation Fund Scheme (RR-TUFS).
The new scheme specifically targets:
a. Employment generation and export by encouraging apparel and garment industry, which will provide employment to women in particular and increase India’s share inglobal exports.
b. Promotion of Technical Textiles, a sunrise sector, for export and employment
c. Promoting conversion of existing looms to better technology looms for improvement in quality and productivity
d. Encouraging better quality in processing industry and checking need for import of fabrics by the garment sector.
The amended scheme would give a boost to “Make in India” in the textiles sector; it is expected to attract investment to the tune of one lakh crore rupees, and create over 30 lakh jobs.
A budget provision of Rs.17,822 crore has been approved, of which Rs. 12,671 crore is for committed liabilities under the ongoing scheme, and Rs. 5,151 crore is for new cases under ATUFS.
Under the new scheme, there will be two broad categories:
i. Apparel, Garment and Technical Textiles, where 15 percent subsidy would be provided on capital investment, subject to a ceiling of 30 crore rupees for entrepreneurs over a period of five years.
ii. Remaining sub-sectors would be eligible for subsidy at a rate of 10 percent, subject to a ceiling of Rs.20 crore on similar lines.
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