The Hindu Business Line : `Tech upgradation fund for textiles may be extended to 2010'

The Union Government may extend the Technology Upgradation Fund for the textile industry up to 2010, said the Union Textile Minister, Mr Shankersinh Vaghela.

"We are hopeful about extending TUFS to 2010 and have proposed including technical textiles under the scheme as well," said Mr Vaghela. The current scheme will expire in March 2007.

Speaking at the Synthetic and Rayon Textiles Export Promotion Council's (SRTEPC) annual award function, here on Friday, he said that in view of the favourable investment climate in the textile sector, there is a strong case for continuation of the scheme in the next Five-Year Plan period.

"I am in dialogue with various ministries of the Government to increase the corpus of the scheme and make it more exporter-friendly so that the industry is in a position to modernise in the shortest possible time and thus prepare itself to meet the challenges of the future," said Mr Vaghela.

So far, investments of Rs 33,000 crore have been made under TUFS.

Mr Vaghela was very optimistic about the technical textile sector. "Opportunities in this sector have already been spotted and companies have targeted almost Rs 1,000 crore investment in this sector and another Rs 10,000 crore investment is expected in the next 3-4 years."

Mr R.L. Toshniwal, Chairman, SRTEPC, said exports of man-made fibre textiles stood at Rs 10,227 crore during 2005-06, registering a growth of six per cent over the previous year.

Exports during April-September have increased 17 per cent to touch Rs 4,213 crore. "I am confident that the growth trend would continue and the export target of Rs 10,350 crore set for the current year would not only be achieved but surpassed," he said.

Winners of this year's SRTPC awards included Reliance Industries Ltd, Rajasthan Spinning and Weaving Mills, Indo Rama Synthetics and Grasim Industries.

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