Govt looks at an overhaul of ATUFS to fuel sector investment

18th October 2021, Mumbai:

The process is meant to mull at exploring spurring ambitiously investments of about Rs 95,000 crore within the textile and attire sector by FY22 and create 3.5 million new jobs as per sources.

This warrants the focus from top authorities as this would mean both top-level planning conviction to kicking a major revamp of both its flagship incentive scheme for capital investments in addition to within the textile and garment sector aiming at improving its efficiency and by proper alignment of it to recently-launched series of measures/ programmes such as production-linked incentive (PLI) scheme and mega parks (MITRA) etc.

While notifying the Amended Technology Upgradation Fund Scheme (ATUFS) was notified in January 2016, and central government had allocated an outlay of Rs 17,822 crore (Rs 12,671 crore for clearing pending claims underneath the scheme’s earlier avatars and Rs 5,151 crore for implementing the ATUFS) till FY22.

To be mentioned here the underlying scheme is meant to mobilise contemporary investments of about Rs 95,000 crore within the textile and allied sector by FY22 and has the potential of creating in turn 3.5 million new jobs.

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