FIASWI urges to release 75% TUF fund without bank guarantee

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he Federation of Indian Art Silk Weaving Industries (FIASWI) has appealed to the Textile Commissioner to release of 75 percent of the TUF(Technology Upgradation Fund) subsidy without bank guarantee.

Bharat Gandhi, president of FIASWI said, The Textile Commissionerate is ready to release the fund of inspections conducted till 31 December 2019 on the basis of bank guarantee. At the present time, the entrepreneurs are in need of funds, it is unfair to ask for bank guarantee. The Union Ministry of Finance has released funds to the Ministry of Textiles. A total of 1360 applications have been inspected by the Joint Inspection Team (JIT) of the Textile Commissionerate. We have demanded to release 75 percent funds of this application. Besides this, 50 percent government assistance in staff salaries, relief in electricity rate, increase in subsidy rate in import-export schemes and 3 months relief for industrialists contribution to ESI-PF have been demanded.