The technical textile industry has been registering an annual growth of 11 per cent, and it is expected to grow at about 20 per cent by 2017. The Union Ministry of Textiles has sought additional funds for the Technology Upgradation Fund Scheme (TUFS) in the current financial year, says Textile Commissioner Kiran Soni Gupta. Its value is $18 billion now, and is expected to reach $26 billion by 2016-17.
Apart from the budgetary allocation this fiscal, Rs 1,500 crore is required for applications that have been received already and had bank sanction for the project, and also for applications that will be received till the end of this financial year. The total allocation for the scheme in the 12th Plan is about Rs 11,900 crore.
The Union Government had launched two schemes for technical textiles in the northeastern states at a total cost of about Rs 480 crore. Demonstration centres will be set up in these states for agro textile products, and the other scheme is to promote use of geotextiles in these states.