The 11th Inter-Ministerial Steering Committee (IMSC) meeting, held under the Technology Upgradation Fund Scheme (TUFS), focused on addressing key issues within the textile industry. A major topic discussed was the need to expedite processes and ensure faster settlement of claims under the scheme. The meeting proposed fast-tracking the settlement of pending claims, which has become a crucial concern for the textile sector. By speeding up the claim settlement process, the government aims to facilitate smoother operations for businesses and encourage greater participation in the scheme.
Another important aspect of the meeting was the revision of timelines for claim settlements. The IMSC emphasized improving the transparency and effectiveness of the procedures to ensure that the funds reach the appropriate parties in a timely manner. This move is expected to reduce delays that have previously hindered progress and has the potential to stimulate growth within the textile industry.
The IMSC also discussed ways to enhance the support mechanisms for the textile industry, which has faced challenges in benefiting fully from technological advancements due to bureaucratic delays. By streamlining the process, the government intends to provide more efficient support for upgrading technologies and improving production standards, helping businesses stay competitive.
This initiative is expected to address several long-standing issues in the textile sector, particularly related to technological upgradation. With improved claim settlement procedures and better support systems, the textile industry will be better positioned to take advantage of the resources offered under TUFS, helping it grow and contribute more effectively to the Indian economy.
