Hi-tech weaving parks will benefit'

Coimbatore: The higher budgetary allocation for the Technology Upgradation Fund Scheme (TUFS) and also an increase in the capital outlay for textile park projects will benefit hi-tech weaving parks being promoted in the country, said Mr M.S. Mathivanan, Chairman of the Powerloom Development and Export Promotion Council. Reacting to the Union Budget, Mr Mathivanan noted that the proposal to extend the TUFS for the entire 11th Plan and raising the TUFS allocation from Rs 535 crore to Rs 911 crore for the fiscal 2007-08 would expedite the modernisation of the powerloom sector and encourage the textile sector to go up in value chain.