The Southern India Mills’ Association, better known as SIMA, has called the new Government to resolve the Technology Upgradation Fund Scheme (TUFS) issues so as to enhance exports and creation of jobs.
This was confirmed by P. Nataraj, Chairman, SIMA, on Tuesday in a press release.
While substantiating further on the same, the Chairman said that resolving issues in TUFS and simultaneously releasing the TUF subsidies to the tune of Rs. 9,000 crores would enable the creation of lakhs of jobs.
Besides, he added that solution to TUFS issues would generate huge investments, which will also help in enhancing exports. Nataraj also said that special export garment package and enhanced RoSTCL benefits would give the desired results only when the TUFS issues are resolved.
The TUFS, started in 1999 by the NDA Government under the flagship programme of Ministry of Textiles, attracted investments of more than Rs. 3.75 lakhs in last 2 decades and also gave jobs to over 10 million people thereby enhancing exports.
However, the scheme was industry-friendly only till 2007 after which lots of complexities were added to guidelines which complicated the scheme at every stage, as a result of which a backlog of Rs. 9,000 crores of TUF subsidies was created.
SIMA has strongly urged the new Government to release those TUF subsidies and yet again create jobs and forex earning opportunities for the country.