SIMA urges Centre to release TUF

Coimbatore, Jul 8 (UNI) The Southern India Mills Association (SIMA) today appealed to the Union Government to release Technolgy Upgradation Funds (TUF) and restore sanctioning of TUF loans.

In a press release, SIMA Chairman S V Arumugam said the government had launched the TUF scheme in April 1999 to enable the Indian Textile Industry to upgrade technology and become internationally competitive.

The textile industry is the second largest employment provider next to agriculture in the country. It provides employment to 35 millions directly and 47 millions indirectly in the textile and allied sectors respectively, he said.

The SIMA has been pleading with the centre to include the TUF scheme which expires in March 2007 in the 11th five year plan and provide assistance till 2012 to enable the industry and the ministry of textiles to achieve their targets for 2010 and make the vision statement a reality. The textile industry which was reeling under severe financial crisis from 1996 to 2003 has started reviving.

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