India Textile Department Suspend Technology Reform Fund Plan
The India textile industry on Monday asked the government to restore the dirty modernization subsidy program, which seriously affected new investment in the textile sector.
In June, India
Ministry of textiles
Banks are required to suspend the approval of the technical pformation fund plan (TUFS) until the cabinet's economic affairs committee approves the new allocation of funds.
Asch, President of the India Textile Mills Association (NITMA), said in a statement: "the sudden suspension of the plan has shaken the entire textile industry.
All future
Spin
Investment in industry has been affected.
The plan has been suspended because the subsidy of 80 billion rupees designated in the eleventh five year plan has been allocated.
Since the start of the technology reform fund in 1999, banks and financial institutions have allocated loans worth 731 billion 680 million rupees, and the government has offered 5% interest rates to be refunded.
The $63 billion textile industry calls for the continuation of the plan because the freezing of the reform fund scheme has seriously affected their investment and modernization plans.
In the next cotton season (from October to September), India is expected to produce a record 3200-3250 bales of cotton.
Ashshi said, "if
Ministry of textiles
Because of the suspension of new investment from the technology reform fund, cotton farmers will have no choice but to export large quantities of their products to our competitors, such as China, Bangladesh and Pakistan.
The technology pformation fund scheme was introduced in 1999, opening up investment in the textile industry, and will continue until 2012, at the end of the eleventh five year plan.
India's domestic textile industry employs about 35 million people, requiring continuous factory and machinery modernization to compete with China in the global market.
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