Government passes new TUF Scheme, to create 30 lakh jobs

The Indian government today approved an Amended Technology Upgradation Fund Scheme (A-TUFS) in place of the existing Revised Restructured TUFS for technology upgradation of the textiles industry. This is expected to boost job creation and exports.

The amendment is expected to be a boost to several other Make in India initiatives in the sector. It is expected to attract investments worth Rs 1 lakh Crores and create over 30 lakh jobs.

The decision was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi.

"A budget provision of Rs 17,822 crore has been approved, of which Rs 12,671 crore is for committed liabilities under the ongoing scheme, and Rs 5,151 crore is for new cases under A-TUFS.

"The amendments in the scheme are expected to plug the loopholes in the earlier scheme and improve ease of doing business. It will also give a boost to employment generation and exports in the textile sector in a big way," an official statement said.

Image credit: Indiatimes