NEW DELHI (Reuters) - The textile technology upgradation fund (TUF) will be extended, Finance Minister Palaniappan Chidambaram said on Wednesday while presenting the budget for 2007/08.
TUF, a federal scheme that offers 5 percent interest subsidy for expanding textile firms, was set to expire on March 31, 2007. Chidambaram extended the fund by five years.
The finance minister proposed to provide 9.11 billion rupees in 2007/08 towards the fund from 5.35 billion rupees the previous year.
Introduced in 1999 for textile and jute industries, 236 billion rupees have been sanctioned for textile units under the scheme till December 2006.
TUF, a federal scheme that offers 5 percent interest subsidy for expanding textile firms, was set to expire on March 31, 2007. Chidambaram extended the fund by five years.
