TEA welcomes TUF scheme !
Tirupur Exporters’ Association (TEA) has welcomed Technology Upradation Fund (TUF) cleared by the Centre and sought extension of the 10% capital subsidy in addition to 5% interest disubursment to the garment sector with retrospective effect from April 2007. In a letter thanking finance minister P Chidambaram and textile minister Shankersinh Vaghela, TEA president, A Shaktivel said retrospective effect extension would give some relief to exporters, who have been investing in machinery with the anticipation of clearance of TUF from April 1, 2007.The much awaited TUF scheme has been cleared at a time when the exporters were passing through a severe crisis due to appreciation of rupee against dollar, Shaktivel said. This would help the exporters who wished to go for capacity addition and modernisation of machinery, he added.
