Textile Technology Development Scheme may be launched by the Ministry of Textile

15 January 2022, Mumbai:

The Ministry of Textiles (MoT) may introduce a new programme to replace the Amended Technology Upgradation Fund (ATUF) scheme, which is set to expire on March 31, 2022.

In this respect, a virtual conference of senior MoT officials and industry leaders from around the country was held. The new programme might be dubbed the Textile Technology Development Program. Previously, the ATUF plan provided a 5 to 7% interest subsidy for 5 years on most knitting, weaving, and technical textile machines.

According to reports, under the new programme, there will be more help now, maybe up to 25% in one go.

"There might be a maximum grant of 25% with a maximum limit of Rs. 10 to Rs. 25 crore for each unit, and there could be a restriction on the units' desire to profit from the plan," said an industry person in attendance.

He also stated that the funding for processing facilities and ETPs will be greater in proportion. It might be 25% with a limit of Rs. 10 crore for garmenting projects. Industry leaders demanded that additional funds be made available and that the maximum number of units prepared to invest be lifted.

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