Guj tex sector gets Rs274.73 cr, Maran’s TN gets max share

Gujarat’s textile industry, which continues to endure the demand-depressing effects of the global recession and the temperamental Indian monsoon, has been granted a subsidy of Rs274.73 crore by the Centre. The grant is a part of the Rs2,546 crore subsidy released to various states under the Technology Upgradation Fund Scheme (TUFS). The Union minister of textiles, Dayanidhi Maran, announced the allocations on Thursday.

Maran said that the subsidy would be released to 12,514 applicants in 23 states. Gujarat accounted for the highest number of applicants (4,051), but received only the fourth largest share of the subsidy.

The highest amount was granted to Maran’s home state, Tamil Nadu (Rs642.90 crore). Maharashtra received Rs637.24 crore, while Punjab got Rs351.98 crore.

Maran said that the release of the subsidy represented the first occasion on which such a large grant was being made available in a single tranche. He said the amount would be credited to the bank accounts of beneficiaries in 72 hours, or three working days. As for TUFS, Maran said that the scheme had stimulated additional investments of Rs1,66,839 crore and benefited 24,685 textiles units.