Former Textile Minister opposes move to discontinue TUFS

Surat, July 18 (UNI) Former Union Textile Industry Minister and MP Kashiram Rana has opposed the Union Textile Ministry's move to discontinue the Textile Upgradation Fund Scheme (TUFS).

Mr Rana was addressing a news conference here yesterday to explain the Opposition's strategy in the coming monsoon session of Parliament.

He said that the National Democratic Alliance (NDA) government launched the TUFS with a fund of Rs 25,000 crore in order to modernise the industry.

''Now the Union Textile Ministry has issued a circular on July six, asking all the lending institutions not to give any loans under the TUFS,'' Mr Rana said.

The textile industry would not be able to cope up, if the TUFS discontinued, he added.

He alleged that the Textile Ministry has reduced the export target from 50 to 40 billion dollars, which will result in a sharp decline in the export of textiles, especially the man-made fabrics.

UNI MS GB AW1441