Mumbai, June 3 (PTI): The government has decided to enhance subsidy under the Technology Upgradation Fund Scheme (TUFS) to Rs 1,000 crore over the next five years to provide relief to the textile industry, commerce minister Anand Sharma said.
Under the TUFS, the government has already implemented a 20 per cent credit-linked capital subsidy scheme in 2003. Also, Rs 239 crore was disbursed to 3,212 units till March 2012, Sharma said.
The textiles ministry plans to upgrade 2 lakh looms of the 23 lakhs during the 12th Plan, with 26 per cent assistance under TUFS. Last week, banks were asked to restructure loans worth Rs 35,000 crore to the textile sector.