India'S Suspension Of The Technology Reform Fund Has Affected Investment.
India
textile industry
On Monday, the government was asked to restore the dirty modern subsidy scheme, because the suspension of the plan seriously affected the new investment in the textile sector.
In June, the Ministry of textiles of India asked the banks to suspend the approval of the TUFS, until the new economic allocation was approved by the cabinet Economic Affairs Committee.
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India
Asch, President of the NITMA, said in a statement: "the sudden suspension of the plan has shaken the entire textile industry.
All future investments in the textile industry will be affected.
The plan has been suspended because the subsidy of 80 billion rupees designated in the eleventh five year plan has been allocated.
Since the start of the technology reform fund in 1999, banks and financial institutions have allocated loans worth 731 billion 680 million rupees, and the government has offered 5% interest rates to be refunded.
The $63 billion textile industry calls for the continuation of the plan because of technological pformation.
Fund Scheme
The freeze has seriously affected their investment and modernization plans.
In the next cotton season (from October to September), India is expected to produce a record 3200-3250 bales of cotton.
"If the textile sector is suspended because of the technology reform fund plan, cotton farmers will have no choice but to export their products to our competitors, such as China, Bangladesh and Pakistan," ashset said.
The technology pformation fund scheme was introduced in 1999, opening up investment in the textile industry, and will continue until 2012, at the end of the eleventh five year plan.
India's domestic textile industry employs about 35 million people, requiring continuous factory and machinery modernization to compete with China in the global market.
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