Southern India Mills’ Association has appealed to the Union Government to release additional funds of Rs. 5,500 crore for the Technology Upgradation Fund Scheme to clear the dues (subsidy amount) that need to be paid to the textile units under the scheme.
The association chairman M. Senthil Kumar said in a press release here on Thursday that the budgetary allocation for the scheme this year is Rs. 1,480 crore. The actual requirement however, is Rs. 7,000 crore. Disbursement of subsidy under the scheme has been cleared only till August 2014 and textile units are waiting for the subsidy amount from September 2014. Though the cabinet committee has approved extension of the scheme, the required amount has not been allocated to clear the dues.
The association chairman M. Senthil Kumar said in a press release here on Thursday that the budgetary allocation for the scheme this year is Rs. 1,480 crore. The actual requirement however, is Rs. 7,000 crore. Disbursement of subsidy under the scheme has been cleared only till August 2014 and textile units are waiting for the subsidy amount from September 2014. Though the cabinet committee has approved extension of the scheme, the required amount has not been allocated to clear the dues.