Tamil Nadu - Coimbatore   

Interest subsidy disbursements go up

COIMBATORE: The Union Government disbursed interest subsidy under the Technology Upgradation Fund Scheme for 3,980 applications in 2008 – 2009 (till December 2008) as against 2,207 in 2007-2008, according to the provisional data available on the progress of the scheme.

The project cost of applications received for assistance under the scheme till December 2008 (for 2008-2009) was Rs. 31,910 crore. Of this, subsidy of Rs. 15,611 crore was sanctioned for projects worth Rs. 31,672 crore. The amount disbursed till December 2008 was Rs. 13,500 crore.

According to the data available with the Ministry, the cut-off date to claim subsidy for applications sanctioned prior to March 31, 2007 was end of December 2008. Hence the data covered units whose projects were sanctioned before March 31, 2007.

Since the launch of the scheme in 1999, Tamil Nadu and Maharashtra were the major beneficiaries. About 5,300 applications had received assistance of Rs. 15,393 crore in Tamil Nadu so far and about 1,800 applications in Maharashtra had received Rs. 13,473 crore.

D.K. Nair, secretary general of the Confederation of Indian Textile Industry, told The Hindu that projects worth Rs. 66,233 crore were sanctioned in 2006-2007 as the units were uncertain of the continuation of the scheme. A number of units wanted to benefit from the scheme before it expired. The Government announced extension of the scheme and in 2007-2008, projects worth just Rs. 19,917 crore were sanctioned though the industry was doing well. Last year, investments had happened mainly in the existing production capacities, he said.

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