Textile Ministry urges Chidambaram to allocate bigger pie for upgradation scheme

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New Delhi, Feb 6 : The Union Textile Ministry has urged Finance Minister P Chidambaram to hike budgetary allocation under the Technology Upgradation Fund Scheme.

The ministry has demanded 110 billion rupees allocation for the Eleventh Five Year Plan against its earlier 40 billion rupees for clearing the backlogs under the scheme since December 2006 and funding the upcoming projects.

Officials in the ministry are confident that the Expenditure Finance Commission would clear the proposal.

The Finance Ministry had extended almost 10 billion rupees, compared with 40 billion rupees for the current fiscal.

The textile industry has requested that the dues like reimbursement of Terminal excise duty, Central Sales Tax and drawback may be considered a permissible finance for banking purposes and necessary clarifications in this regard may be issued through the Banking Department of the Finance Ministry.

ANI

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