CCEA gives nod to TUFS for 12th Plan
The Cabinet Committee on Economic Affairs (CCEA) gave nod for the implementation and continuation of Technology Upgradation Fund Scheme (TUFS) during the 12th Plan period with a focus on powerlooms with a total outlay of Rs.11,900 crore.
What is the aim of TUFS (Technology Upgradation Fund Scheme)?
The aim of TUFS is to encourage and promote indigenous manufacturing of textile machinery.
The scheme will provide for Interest Reimbursement (IR) on second hand imported shuttleless looms to be slashed from 5% to 2%. Besides, for new shuttleless looms, capital subsidy would be increased from 10% to 15%, IR from 5% to 6%, and margin money subsidy has been enhanced from 20% to 30% with an increase in subsidy cap from Rs. 1 crore to Rs. 1.5 crore. The capital subsidy for handloom and silk sectors would be increased from 25% to 30%. Margin money subsidy limit would be increased from Rs.45 lakh to Rs. 75 lakh in respect of MSME and jute sectors.
Categories: Business & Economy Current Affairs 2017