Tamil Nadu   

Tirupur knitwear cluster pins hopes on Union Budget

Tirupur: Entrepreneurs in the Tirupur knitwear cluster would be looking forward to the Union Budget on Monday to know whether their pre-budget wish list sent to the government would materialise.

One of the requests had been the need to revive the Technology Upgradation Fund Scheme (TUFS), which was suspended by the Central government last year.

Global market

The discontinuation came as a blow to the technology upgrading plans of the apparel industry to remain competitive in the global apparel market.

Another request was the amendment sought to Section 43 (5) of the Income Tax Act.

This appeal was made as a large number of knitwear exporters in Tirupur lost Rs. 300 crore after purchasing the ‘exotic forex derivative' products offered by the banks as hedge against the currency fluctuations of the 2007-08 fiscal.

The need to allocate fund for setting up a textile processing research institute in Tirupur on the lines of the Central Leather Research Institute was a demand the owners of the small and medium scale enterprises in the cluster forwarded to the Union Finance Ministry.

Effluent discharge

This project assumed significance considering the enormous problems faced in the discharge of chemical effluents generated by dyeing industry, the manufacturers said.

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