Driving Economic Growth through Plastics

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PROCESS: The Foundation has taken immense measures to ensure that Technology Upgradation Fund Scheme (TUFS) is implemented for the plastics industry in order to provide more opportunities for the MSMEs (especially SSI units). What is the progress on it so far and how will it help the industry?

KADAKIA: The TUFS is a scheme that aims at technology upgradation through the provision of upfront capital subsidies to SSI units that will help modernize their equipment and processes. The ceiling on the subsidy is `1 crore and the rate of the subsidy is 15 percent. This will be beneficial to the industry, especially the MSMEs. The scheme is currently present for the textile and petrochemical industries, and will do the plastics industry that employs about 3.6 million people good.

The PlastIndia Foundation recently held an industry meet to discuss the impact and implications of TUFS. The Indian plastics industry has been consistently and unanimously requesting for TUFS as a majority of the units in this industry are small-scale and the availability of finance has proved to be a major problem in the past. Additionally, this support from the government would make the plastics industry more competitive and enable it to achieve success on a large scale.

TUFS for the plastics industry will cover existing SSI units registered with the State Directorate of Industries and also newly registered SSI units that have set up their facilities using appropriate and proven technology duly approved by the Governing and Technology Approval Board (GTAB).

* The interview is conducted by Senior Feature Writer,

* PROCESS India, Nedra Pereira.

(ID:42846787)

Plastics and Polymers

Driving Economic Growth through Plastics