The Indian Textile Minister promises that monies from the Technology Upgradation Fund Scheme would be released
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24 January 2022, Mumbai:
Piyush Goyal, the Union Minister of Commerce, Sector, Consumer Affairs, and Textiles, has informed the industry that funding under the Technology Upgradation Fund Scheme (TUFS) will be released after due investigation and verification of pending applications.
TUFS is one of the most popular programmes for encouraging businesses to invest in cutting-edge technology and infrastructure upgrades, but it has had its share of problems over the years.
He also promised the printing sector that he would pursue duty exemptions against Export Promotion Credit Guarantee (EPCG) commitments with the Finance Ministry for units that had failed in previous years as a result of the epidemic and the resulting reduction of export orders. The Minister was speaking at the Merchants' Chamber of Commerce and Industry's Special E-Session (MCCI).
He also urged the business to foster a stronger willingness to take risks, noting that the government is looking for private-sector investments in labor-intensive industries like textiles, leather, and footwear to help generate employment.
"Industry organizations can work with all stakeholders, including the central and state governments, missions, and EPCs, to assist bring enterprises to India while also strengthening indigenous industry," he added. Let us join forces with the same goal in mind: to make India a worldwide leader by taking on greater and bolder challenges."
He went on to say that in order to profit from economies of scale, the Indian sector must explicitly focus on the concepts of quality and productivity and become world scale operations.
He listed three expectations for industry associations to adopt: proactively participate by providing ideas/suggestions on issues related to free trade agreements, non-tariff barriers, and market access, themes for India's G20 presidency in 2023, and resonating with our vision of making Atma Nirbhar India.
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