Union Minister of Commerce & Industry, Consumer Affairs, and Textiles, Piyush Goyal has assured industry regarding the release of funds under the Technology Upgradation Fund Scheme (TUFS) after due diligence and verification of pending claims.
TUFS is one of the leading schemes to motivate the industry to invest in the latest technology and upgrade its infrastructure, but over the years, there were issues with this scheme.
He also assured the printing industry to take up, with the Finance Ministry, duty waivers against Export Promotion Credit Guarantee (EPCG) obligations to units that have defaulted in recent years owing to the pandemic and the consequent shrinking of export orders.
The Minister was addressing the Special E-Session of Merchants’ Chamber of Commerce & Industry (MCCI).
He also called upon the industry to inculcate a greater appetite for risk taking, and said that the Government looks forward for investments from the private sector in labour-oriented sectors to create jobs in textiles, leather and footwear.
He said, “Industry associations can partner with all stakeholders, including Central and State Governments, Missions, EPCs, and help attract businesses to India and strengthen domestic industry. Let us all come together with one resolve, i.e., to make India a global leader by taking up bigger and bolder challenges.”
He further added that the Indian industry must clearly focus on the principles of quality and productivity and become global scale operators so as to benefit from the economies of scale.
He listed three expectations for the Industry Associations to adopt, proactively participate by giving ideas/suggestions on issues related to FTAs NTBs and market access, themes for India’s G20 presidency in 2023, resonating with our vision to make Aatmanirbhar India.
