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Funds released under TUFS

M. Soundariya Preetha

Coimbatore: The Union Ministry of Textiles has recently released Rs. 590 crore for disbursements under the Technology Upgradation Fund Scheme.

Joint Secretary of the Ministry V. Srinivas told The Hindu on Monday that this would cover the interest subsidy backlog till June 2010 for the projects already sanctioned.

The scheme had an allocation of Rs. 8,000 crore for the Eleventh Plan period.

Sanction of projects

Since the amount was fully used and additional allocations were needed for new sanctions, sanction of projects under the scheme was suspended on June 30, 2010. The Ministry had resources for this financial year for sanctions already committed.

Proposals

The Ministry held meetings with the stakeholders in modifying the scheme for the new sanctions and had received proposals regarding scheme guidelines and monetary and banking practices.

A study by Crisil suggested that allocations under the scheme should increase for segments such as weaving and processing as these had minimal absorption of the TUFS benefits. Modifications in the scheme would be implemented only after the cabinet approval, he said.

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