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GMMSA EXPO INDIA 2019 OPENS WITH TREMENDOUS RESPONSE TO ITS 4TH EDITION

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Ludhiana, January 25, 2019: The 4th edition of GMMSA EXPO INDIA opened with a tremendous response on Friday. The first day of the exhibition showcased leading inventions in the world of garment manufacturing machinery. The Garments Machinery Manufacturers & Suppliers Association (Regd.) – Expo is being held at Dana Mandi, Bahadur Ke Road, Ludhiana from January 25 to January 28, 2019. 

The expo was inaugurated by Pradeep Aggarwal – Deputy Commissioner of Ludhiana. Also present during the inauguration were Vinod Thapar - Chairman, Knitwear Club, Charanjit Singh - Secretary Shawl Club, Ashok Makkar of Dyeing Association, Vipan Vinayak, Darshan Dawar,  Ashok Jain, Narinder Miglani, Jaswant Takkar and Kesho Ram Vij.

This year is bigger and better than the previous editions and the scale of the expo has increased with a spread of over 2 Lac sq ft. The Expo has on display over 2000 products on Knitting, Weaving, Dyeing, Finishing, Printing, Sewing machines and accessories by leading brands with participants 

from India and over 20 countries. The first day of the exhibition saw a foot fall of more than 15000 visitors where manufacturers demonstrated the latest technology in respective fields of garmenting processing.

Narinder Kumar - President, GMMSA Expo INDIA 2019 said, "The garment industry looks upon GMMSA Expo and GMMSA activities for up gradation of the machinery in all segments of garmenting and this is a matter of pride for us. This expo has been put together by the people who are directly associated with the industry or are a part of it. We will continue to provide a premier platform for machinery manufacturers to showcase their latest inventions and technological advancements." 

Speaking on the occasion, Ram Krishan - Chairman, GMMSA Expo INDIA 2019 said, “We are very happy with the tremendous response that we have got from all segments of the industry. On showcase are the most updated technological concepts providing cost cutting, time and labor cost saving with more productivity and eye catching designs for the industry.  Clearly, we have grown with a lot of support and are thankful to our exhibitors for reposing their faith on GMMSA Expo India as well as the team GMMSA.

Also present on the occasion were Parmesh Wassist (Ramana International), Bhupesh Jain (Goldstone International), Amit Jain (Nav Pankaj Creations),  Pankaj Kalra (Retech International), 

Gurpreet Singh, Gurdev Singh, Jatinder Sudera,Teja Singh, Rajesh Sharma, Ajay Kumar (Dayal Fabs), Mohan Chawla, Rajinder Bhamra and Davinder Pal.



TECHNOLOGY UPGRADATION FUND SCHEME (TUFS) FOR TEXTILE ENTREPRENEURS

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The Ministry of Textile launched the Technology Upgradation Fund Scheme to help the textile entrepreneurs in India. And now there is an ‘Amended Technology Upgradation Fund Scheme (ATUFS)’ with effect from 13.01.2016, for a period of seven years.

Basically, the scheme has a  provision of one-time capital subsidy for eligible benchmarked machinery at the rate of 15%. The subsidy is for garments and technical textiles segments with a cap of Rs. 30 crores. In addition, one can avail the subsidy at the rate of 10% for weaving, processing, jute, silk and handloom segments with a cap of Rs. 20 crores.

Revised Technology Upgradation Fund Scheme Features

A reimbursement of 5% on the interest charged by the lending agency on a project of technology up gradation in conformity with the Scheme.

In weaving – (i) 6% Interest Reimbursement (IR) and 15% Capital Subsidy (CS) on brand new shuttleless looms or 30% Margin Money Subsidy (MMS) for power loom sector. (ii) 2% IR or 8% MMS on second hand imported shuttleless looms with 10 years vintage and with a residual life of 10 years; (iii) for 30% MMS- the capital ceiling of Rs. 5 crores and subsidy cap of Rs. 1.5 crore would be adhered to encourage adequate investment by MSME sector.

Cover for foreign exchange rate fluctuation / forward cover premium not exceeding 5% for all segments except for new stand alone / replacement/modernization of spinning machinery for which the foreign exchange rate fluctuation/forward cover premium will be 2%.

An option to MSME textile and jute sector to avail of 15% Margin Money subsidy in lieu of 5% interest reimbursement on investment in TUF compatible specified machinery subject ceiling on margin money subsidy of Rs. 75 lakh.

5% interest reimbursement plus 10% capital subsidy for specified processing, garmenting and technical textile machinery.

Interest subsidy/capital subsidy / Margin Money subsidy on the basic value of the machinery excluding the tax component for the purpose of valuation.

30% capital subsidy in lieu of 5% interest reimbursement on benchmarked machinery of silk sector as applicable for Handloom sector.

The Scheme will cover only automatic shuttle-less looms of 10 years vintage and with a residual life of minimum 10 years.

Investments like factory building, pre-operative expenses and margin money for working capital are eligible for benefit of reimbursement under the Scheme meant for apparel sector and handloom with 50% cap.

Interest reimbursement period is 7 years including implementation/ moratorium period. 

Technology Upgradation Fund Scheme Scope

     ( To be Contd.) 

Pradhan Mantri Yuva Yojana for Indian Entrepreneurs

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run for five years from 2016-17 to 2020-21 with a project cost of about 499.94 Crore. Under the Pradhan Mantri Yuva Yojana, more than 7 Lakh youngsters will be provided entrepreneurship education and training through 3,050 institutes across India.

This scheme was launched and managed by the Central Government of India.

Over 7 lakh students will get entrepreneurship training through 3,050 training institutions in the next 5 years.

The training institutions network for this scheme consists of 2,200 institutes of higher learning, 500 ITIs, 300 schools, and 50 entrepreneurship development centres.

These institutions will have online training methods and students can access study materials at home easily.

Pradhan Mantri Yuva Yojana is for educated youngsters who are not skilled and knowledgeable enough to face global competition.

Anyone, less than 30 years of age can apply for this scheme.

The Sector Skill Council(SCC) will closely work with the local authorities and industries and pave way for job aggregation.

The selected candidates who perform well during the training will gate incentives and the ones who are not performing well will have to exit the training.

Additionally, the scheme includes easy access to information and mentor network, credit, incubator and accelerator and advocacy to create a pathway for the youth.

The Ministry of Skill Development and Entrepreneurship has also released lab guidelines which will be followed throughout the scheme.

Advantages of Pradhan Mantri Yuva Yojana

Pradhan Mantri Yuva Yojana encourages young entrepreneurs in India to actively participate in the economic growth of the country by starting new businesses.

This scheme not only gives an opportunity for young entrepreneurs to start a new business but it also trains them and prepares them to face global competition.

With their motivating reward system, they attract a lot of youngsters who want to start a business and thereby puts them on the right track.

If this plan is properly implemented and there are many successful entrepreneurs by the end of the scheme, businesses in India will flourish and increase the country’s GDP.

This scheme will help reduce the unemployment rate in India by employing many eligible people who are still unemployed for various reasons.

To get more details of Pradhan Mantri Yuva Yojana, you can visit http://www.msde.gov.in/.

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