RTTNews - Union textile minister, Dayanidhi Maran, said the government would release a subsidy of Rs.2,546 crore in a single tranche, under the Technology Up-gradation Fund Scheme or TUFS for the textile industry. The amount will be credited to the bank accounts of beneficiaries in the record time of 72 hours (3 working days). The subsidy, with this release, will be cleared up to June 30, 2009.

A forty-one member Working Group, comprising representatives from government, trade and user industry, will be formed under the Chairmanship of Textiles Secretary to formulate the National Fibre Policy. The Group will submit its recommendations within three months, the minister added.

The Group also mandated to suggest areas of concerted interventions by the government in policy matter, investment augmentation, support mechanisms (both fiscal and non-fiscal), to spur growth and competitiveness of this sector.

Highlighting the scheme, the minister said it had induced additional investments of Rs.1,66,839 crore, benefited 24,685 textiles units, including 17,659 small scale units, as also helped the industry to compete globally, among others.

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