Applications under TUFs falls in 08-09, project cost zooms

Applications under TUFs falls in 08-09, project cost zooms
January 06, 2010 (India)

The Government of India under the aegis of the Ministry of Textiles 

had introduced the Technology Up-gradation Fund Scheme (TUFS) to help
the beleaguered textile sector modernise its technology and equipment
and which turned out to be one of the highly successful schemes
implemented by the Government of India.

In this second part of this series, Fibre2fashion brings forth the
number of projects for which applications were received and the amount
of funds sanctioned under the scheme from the date of its inception
till the current fiscal year. In the first part of this exclusive
series on TUFs, we had covered disbursals done by 122 banks to the
textile and its allied sector from the inception of the scheme in 1999.

The TUF scheme which saw the light of the day in the fiscal year
1999-2000 received applications for 407 projects totaling to a project
cost of Rs 5,771 crores, out of which Rs 2,421 crores was sanctioned
for 309 projects, again of which 179 projects received disbursals
amounting to Rs 746 crores in that fiscal year.

Fiscal year 2006-2007 witnessed receipt of the highest number of
applications and which stood at half of the number of total
applications received till June 2009. The project cost of these
applications totaled to one-third of the project cost of all
applications received since the inception of the scheme.

In fiscal year 2008-09, the figures for which are provisional, though
the number of applications were just half of those received in
2006-07, the project cost was just under one-third of the overall
project cost of all applications received since 1999, which implies
that the applicants invested in latest and high technology and
equipment which could have raised the project cost to these levels.

We extend our due thanks to the Office of the Textile Commissioner,
Mumbai from whose data and statistics these figures have been culled.

Please click here to view year-wise statistical data.

Fibre2fashion News Desk - India
Source:

http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=80975