IGI Logo

In order to boost the Indian textile industry by enabling the ease of doing business, bolstering exports and fuelling employment, the Union Minister Piyush Goyal has reviewed the Amended Technology Up-gradation Fund Scheme (ATUFS). Textile Minister Goyal and Minister for State for Textiles Darshana Jardosh reviewed the scheme with various ministries, departments, textiles industry associations and banks at the 5th Inter Ministerial Steering Committee (IMSC) meeting organised by the textile ministry.

Apart from fixing the timeline for conduct of IMSC meeting quarterly, some significant decisions to resolve pending issues include reducing the compliance burden by accepting only single certificate from the concerned bank instead of multiple documents regarding evidence of payment for claimed machineries. The decisions taken at the meeting also include the consideration of standalone embroidery machines with effect from inception of the ATUFS.

The Ministry of Textiles will simplify the procedure for joint inspection using a calibrated approach to linking joint inspect to subsidy support size by reducing burden on bracket lower than Rs 50 lakh instead of the current 100 per cent. Goyal said that despite the hindrances during the COVID-19 pandemic, the ministry and the office of textile commissioner have put serious efforts in resolving the policy constraints and settling of the claims. He mentioned that a special measure was introduced to ease liquidity flow in the industry by introducing an option for getting part subsidy released against the bank guarantee.