The Textile Ministry will soon come out with a hire purchase scheme for machinery under the Technology Upgradation Fund Scheme (TUFS). Though the Ministry is not sure how the scheme would take off, it hopes this would benefit small units, particularly in the powerloom sector, Textile Secretary Zohra Chatterjee told a media meet recently.
TUFS facilitates modernisation and upgradation of the textiles industry by providing credit at reduced rates to entrepreneurs both in the organised and unorganised sectors. The powerloom sector with 43 lakh weavers is in dire need of modernisation and the scheme would benefit them since each machinery costs Rs. 20-30 lakhs, she said.
Stating that funds are available for training, the official disclosed that setting up of Sector Skill Councils for Apparels and Textiles is yet another important initiative under the skill development scheme. “The first component is strengthening the capacity of institutions and schemes under the Ministry of Textiles, partnering with private sector, and thirdly looking to partner with State Governments. The third component (partnering with State Governments) was launched recently”.