Budget 2018: More money in TuF scheme to stoke investment in textile sector

The increased allocation in the Union Budget for the Technology Upgradation Fund Scheme (Tufs) is likely to bring a lot of investment to the sector, primarily in garments.

There is a 14 per cent increase in the allocation at Rs 23 billion for 2018-19. Started in the 1990s, the scheme incentivises upgrading of plant and machinery, in addition to setting up of new projects for weaving, processing and garmenting. “This is a positive step and will help in clearing some of the committed liabilities under Tufs,” said Ujwal Lahoti, chairman of the Cotton Textiles Export Promotion Council. The Budget also proposes