Funding Arrangement and Investment Overview of India's Textile Industry Technology Update

by:JIYALI     2021-08-16
The UPA government recognizes that the degradation of science and technology is a major obstacle to the development of the textile industry. The government formulated the Technology Update Funding Arrangement (TUFS) as a new driving force for the development of the textile industry. This arrangement guarantees the provision of bank funds in accordance with the global interest level to help the textile industry realize the modernization of production equipment. All links in the textile industry production chain benefit from this arrangement. The government’s efforts have yielded results. As of March 31, 2007, this arrangement attracted 11,279 projects and related investments of 934.47 billion rupees. The government provided 11.4 billion rupees for the 2008-09 arrangement. The arrangement will continue until 2012.  Plan to expand funding   The UPA government recognizes that the textile industry is the main engine of economic growth and the main industry that provides employment opportunities. In 2007-08, the textile industry plan allocated 22.43 billion rupees, an increase of 66.21% over the previous year, second only to the Ministry of Secondary Education u0026 Higher Education and the Ministry of Human Resources Development. In 2008/09, the planned funding increased by 11.45% (25 billion rupees). Show the continuity of the government's commitment to the textile industry.   Investment    The policies and measures formulated by the government have shown amazing results. The investment attracted by the textile industry has expanded dramatically and is expected to reach Rs 1,506 crore by 2012. By 2012, these new investments will create 17.37 million jobs (12.02 million direct jobs and 5.35 million indirect jobs). The investment in the textile and apparel industry in the past three years has increased from Rs 73.49 crore in 2004-05 to Rs 150.32 crore in 2005-06, and then increased to Rs 481.45 crore in 2006-07. The total investment in 2004-07 was 705.26 billion rupees.
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